Viacom files $131M suit against former Harmonix shareholders
by Steve Watts, Sep 21, 2011 3:45pm PDTViacom has filed suit against the former stockholders of Harmonix, seeking $131 million to make good on miscalculated payments from 2007. The suit alleges that the company was given $150 million for performance-based payouts, but the company only generated an earn-out payment of $18 million. Viacom is seeking to be refunded for the remaining cost.
Gamasutra reports that the company claims the shareholders "are not entitled" to the full payout amount. But the shareholders have already argued just the opposite: they filed suit against Viacom last year, claiming they were never paid for the 2008 bonuses, after the Rock Band franchise brought in over $1 billion through 2008 and the first quarter of 2009. The suit alleges that Viacom negotiated fees with EA to benefit itself rather than Harmonix shareholders, and that it is still owed money from a held account that was pending the resolution of patent suits. That case is still pending.
For its part, Viacom already has some money in its coffers -- selling Harmonix off earlier this year gave the company a tax benefit of roughly $115 million. So you know, they're not exactly begging for change.
Rumor: Slant Six was working on Medal of Honor Vita game
Simpsons, King of the Hill writer joins Angry Birds film
Class of Heroes 2 coming to PSN on June 4
Shelter gameplay trailer is delightful, horrifying
Alan Wake Humble Bundle launches
Battlefield 4 producer says single-player should feel 'autonomous'
Indie dev to Microsoft: Be more like Sony on self-publishing
Call of Duty: Ghosts video compares graphics to Modern Warfare 3
Backward compatability is 'backwards' strategy, says Microsoft
Mortal Kombat 'Komplete' coming to PC










Comments
Viacom has filed suit against the former shareholders of Harmonix, claiming it miscalculated a payout in 2007 and is now owed the difference. This mounts on top of a suit Harmonix shareholders filed against Viacom last year.
Viacom has filed suit against the former shareholders of Harmonix, claiming it miscalculated a payout in 2007 and is now owed the difference. This mounts on top of a suit Harmonix shareholders filed against Viacom last year. : Shacknews
Thread Truncated. Click to see all 8 replies.
You must be logged in to post.