Activision Blizzard shareholders reached a $250 million settlement to resolve a Delaware class-action lawsuit. A late Thursday court filing confirmed the agreement.
Swedish pension fund Sjunde AP-Fonden led the legal action. The lawsuit alleged that former CEO Bobby Kotick and other executives rushed the 2023 Microsoft acquisition.
Plaintiffs claimed executives sought personal benefits and protection from workplace harassment scandals. The $75.4 billion transaction allegedly shortchanged investors.
Investors received an allegedly undervalued buyout price of $95 per share. This settlement resolves the fiduciary duty dispute weeks before the scheduled trial. Courts previously dismissed several claims against Microsoft.