Sirius XM Shareholders Seek To Nix $180M Settlement
Law 360 reports on the case in which CCAF represented appellants to the Sirius XM settlement.
Two Sirius XM Radio Inc. shareholders filed a brief Wednesday asking the Second Circuit to reject a May 2011 settlement in an antitrust class action against the satellite radio giant, saying it improperly covered all Sirius XM shareholders.
The appellants, Michael Hartlieb and Brian David Goe, also said the $180 million settlement figure was bogus because it applied to class members only if they they opted to purchase additional services at a discount from the satellite radio provider.
Hartlieb and Goe are two of almost 30 objectors to the settlement deal between Sirius XM and other former plaintiffs who signed on to the settlement agreement.
While other appellants argued that the discount settlement figure was calculated improperly, Hartlieb and Goe also said the settlement should be thrown out because it improperly covers the claims of all shareholders even though the named plaintiffs involved the settlement were not shareholders but subscribers of Sirius XM services.
Read the full article at Law 360.