Court ruling to Gemstar in Yuen case
EmptyGemstar-TV Guide said it received a favorable ruling in its arbitration related to the termination of former CEO and chairman Henry Yuen.
The company was awarded about $93.6 million in addition to the reimbursement of its attorneys fees and interest after arbitrators ruled that Yuen was not entitled to any portion of the about $30.9 million set aside by the company as restricted cash for payment to him in connection with his removal.
Federal regulators said Friday that they soon will begin giving $83 million in cash and stock to shareholders of Gemstar-TV Guide who were harmed by a suspected scheme to inflate revenue to meet financial targets. The funds were gained from several criminal and civil actions against Gemstar, former Gemstar executives and the audit firm KPMG.