Liberty, Sirius Class, Derivative Settlement Gets Green Light

A proposed $36 million settlement by Liberty Media Corp. and Sirius XM Holdings Inc. of derivative and class claims on behalf of Sirius stockholders won preliminary approval from the Delaware Chancery Court.

The complaint, filed Sept. 23, 2001, alleged that partial parent Liberty sought to back the entertainment company into a short-form merger by having Sirius buy back billions worth of stock.

Chancellor Kathaleen St. Jude McCormick preliminarily approved a settlement class, consisting of all holders of Sirius XM common stock, as of the close of trading on Jan. 5, 2024. The parties filed a proposed settlement agreement on Jan. ...