Los Angeles, CA: A record $275 million settlement has been reached in the Activision Blizzard securities class action lawsuit. The lawsuit is a consolidated shareholder derivative and class action litigation stemming from allegations that Activision CEO Bobby Kotick and Chairman Brian Kelly put their own interests ahead of other shareholders.
Under the terms of the settlement, certain defendants and insurers will pay $275 million to the company, which will cover the plaintiffs' attorneys' fees. Kotick and Kelly also agreed to expand Activision' board of directors with two added independent spots and reduce their voting power from 24.9 percent to 19.9 percent.
The settlement is subject to approval by the the Delaware Chancery Court. The case is In Re: Activision Blizzard Shareholders Litigation, case number 8885, in the Delaware Court of Chancery.
