Clear Channel Settles JamSports Legal Issues
December 28, 2005 at 7:46 AM (PT)
A busy end of the year for CLEAR CHANNEL lawyers just ahead of the recent spinoff of CLEAR CHANNEL ENTERTAINMENT into LIVE NATION (symbol LYV), as the lawsuit with CHICAGO-base JAMSPORTS ENTERTAINMENT is finally put to bed. It was set to go to a new trial on FEBRUARY 6th.
The issues between CLEAR CHANNEL and JAMSPORTS have been costly for both sides. Last MARCH, JAMSPORTS won a $90 million judgment. In AUGUST, a judge threw out $73 million in combined punitive damages, but kept the remaining $17 million in place for compensatory damages, and ordered the new trial. The out of court settlement is confidential, but CLEAR CHANNEL in its SEC filings admitted no wrongdoing or liability and termed the settlement as "not material to its finances."