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Bertlesmann Reaches Out of Court Settlement With Execs on AOL Shares

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April 15-30, 2004 Edition

Bertlesmann Reaches

Out of Court Settlement

With Execs on AOL Shares

LONDON/4/11/2004—Media conglomerate Bertelsmann has reached an out of court settlement with former executives Jan Henric Buettner and Andreas von Blottnitz over an amount allegedly due the pair from the sale of AOL Europe. The company has agreed to pay the two $194 million (160 million euros) to settle the case without further delay.

A California Court had ruled in favor of the executives for 234 million Euros last year. Bertlesmann had apparently filed an appeal. However, according to a recent story in the Wall Street Journal, the company decided the uncertainties of a new trial might result in higher penalties, thus decided to settle out of court.