Charter Communications Inc. Thursday announced the settlement of a consolidated class-action lawsuit and related shareholder derivative actions pending against the company in state and federal courts.
The MSO said Thursday’s memoranda of understanding bring to a close the three major legal matters it has been dealing with since 2002 regarding its prior business practices.
Charter said it will pay current and former shareholders and their attorneys $144 million in cash and equity to settle claims about its accounting and business practices from late 1999 through 2001. The $64 million cash component of the settlement will be provided by the company’s insurance carriers.
“The settlement of the securities litigation effectively closes the books on these serious legal matters confronting the company," CEO Carl Vogel said in a prepared statement. "We can now devote our complete and full attention to serving customers and growing revenues.”
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