Judge Tosses Shareholder Challenge To Liberty Takeover Of SiriusXM

Suit Tossed

A DELAWARE judge has thrown out a shareholders' suit against LIBERTY MEDIA CORP.'s acquisition of control of SIRIUSXM, reports BLOOMBERG NEWS.

Chancery Court Judge LEO STRINE rejected the suit on the basis that the shareholders, including the CITY OF MIAMI POLICE RELIEF AND PENSION FUND, waited too long to challenge the action of SIRIUS' board to allow LIBERTY to take control of the company and have the ability to buy the operation outright in exchange for a $530 million loan in 2009.

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