Wednesday, August 24, 2011
Sirius XM Gets OK To Settle Price-Hike Suit
A judge today approved the framework of a settlement to a lawsuit subscribers filed against Sirius XM Radio charging that the satellite radio company violated terms of its merger by raising prices afterward. The class action was filed in 2009 and claimed that Sirius XM broke antitrust laws when it boosted prices and imposed a music royalty fee after the 2008 merger was approved. The deal, worth $180 million, ensures that prices and the fee will stay at current levels through year’s end and subscribers who canceled can rejoin without charge.