informa
1 min read
News

Take-Two Finalizes Hot Coffee Settlement

A $20 million dollar settlement brings a close to a class action lawsuit brought against Take-Two by its investors. The company will pay $4.9 million itself, and insurance will cover the rest.
A $20 million dollar settlement brings a close to a class action lawsuit brought against Take-Two by its investors. The company will pay $4.9 million itself, and insurance will cover the rest. Investors had alleged their investments in the publisher were damaged by the scandal around the infamous hidden 'Hot Coffee' modification in Grand Theft Auto: San Andreas, over which Take-Two settled with consumers in 2007. This new class action suit also relates to Take-Two's stock option grant investigation, which has already resulted in settlements to government agencies. Take-Two says it's made changes to its management procedures and will continue to do so, to ensure problems like these do not crop up again. It also says that it has fully accrued the costs of the settlement over several financial quarters, ending April 30, 2009. In an investor call today, Take-Two chairman Strauss Zelnick stated simply: "We're pleased to have reached this settlement and put this historical matter behind us."

Latest Jobs

Treyarch

Playa Vista, California
6.20.22
Audio Engineer

Digital Extremes

London, Ontario, Canada
6.20.22
Communications Director

High Moon Studios

Carlsbad, California
6.20.22
Senior Producer

Build a Rocket Boy Games

Edinburgh, Scotland
6.20.22
Lead UI Programmer
More Jobs   

CONNECT WITH US

Register for a
Subscribe to
Follow us

Game Developer Account

Game Developer Newsletter

@gamedevdotcom

Register for a

Game Developer Account

Gain full access to resources (events, white paper, webinars, reports, etc)
Single sign-on to all Informa products

Register
Subscribe to

Game Developer Newsletter

Get daily Game Developer top stories every morning straight into your inbox

Subscribe
Follow us

@gamedevdotcom

Follow us @gamedevdotcom to stay up-to-date with the latest news & insider information about events & more