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Malone, GCI Liberty Board Settle Merger Lawsuit for $110 Million

June 18, 2021, 3:27 PM

Media mogul John Malone and other former members of GCI Liberty Inc.'s board will pay $110 million to settle a proposed investor class action in Delaware led by pension funds challenging its merger with an affiliated telecom holding company, Liberty Broadband Corp.

The agreement, which requires the approval of Vice Chancellor Sam Glasscock III, calls for the payment to be made either by the post-merger entity or the board members’ insurers, according to the joint settlement notice docketed late Thursday in Delaware Chancery Court.

Counsel for the pension funds will seek $22 million in legal fees in connection with the ...

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