WILMINGTON, Del. (AP) - A Delaware judge is eyeing approval of a $275 million settlement in a shareholder lawsuit alleging that video game maker Activision Blizzard was shortchanged in a $6 billion buyback of shares from French media conglomerate Vivendi SA in 2013.
Following a hearing Wednesday, the judge said he viewed the settlement favorably, and that the defendants were providing reasonable value to settle the claims against them.
An attorney for the lead plaintiff told the judge that the $275 million settlement is the largest ever in a derivative suit, in which shareholders sue on behalf of a company.
The lawsuit alleged that Activision executives and directors, working with Vivendi, breached their fiduciary duties by entering into a deal that improperly benefited CEO Bobby Kotick and co-chairman Brian Kelly.