Report: Randy Michaels To Receive $675,000 From Tribune In Settlement Over Bonus
November 22, 2011 at 4:32 PM (PT)
If the court approves, RANDY MICHAELS will get $675,000 from TRIBUNE CO. in a settlement of a dispute over an unpaid bonus, plus $50,000 for legal fees, reports the CHICAGO TRIBUNE.
MICHAELS resigned under fire from TRIBUNE on OCTOBER 22nd, 2010 and was fighting the company for a pro-rated portion of his 2010 management incentive bonus, which he contended would have been $900,000. He claimed he had been terminated without cause, a contention disputed by TRIBUNE; the company and MICHAELS settled after "extensive negotiations," according to papers filed with the U.S. Bankruptcy Court in DELAWARE.
The settlement also provides for a non-disparagement clause and some limits to TRIBUNE's liability to MICHAELS for future claims.