On Tuesday, a New York judge threw out a lawsuit filed by Sirius XM satellite radio broadcaster Howard Stern, who had been seeking $300 million in stock awards he claims his present employer had owed him.
Judge Barbara Kapnick granted a motion filed by Sirius XM for summary judgment and dismissed the lawsuit filed by Stern’s company One Twelve Inc. and manager, Don Buchwald, in March of 2011. Kapnick ruled “with prejudice,” and the claim is now barred from being refilled.
According to the order posted on The Smoking Gun, Kapnick cited “clear, unambiguous language” in Stern’s contract which stipulated that the broadcaster was only entitled to a series of $75 million stock grants only as a condition of meeting a series of subscriber goals – goals that were not met.
Stern, who had signed a $500 million, five-year contract with Sirius radio in 2004 was awarded a $25 million bonus when the company merged with competitor XM Satellite Radio in 2008. In December, 2010, Stern signed another five-year contract extension, but three months later filed this suit.
Sirius XM stock rose by 3.23 after the court announced that Stern’s suit would be thrown out.
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