Clear Channel's $200M Dividend OK'd In Investor Suits

Law360, Los Angeles (September 9, 2013, 5:25 PM EDT) -- Clear Channel Outdoor Holdings Inc. on Monday won approval of a settlement calling for it to pay a $200 million dividend to resolve two shareholder lawsuits accusing its parent company's owners, Bain Capital Partners and Thomas H. Lee Partners, of bullying the subsidiary into loaning its ailing parent more than $656 million at a sweetheart rate.

Under the terms of the settlement, approved Monday by Judge Leo Strine in Delaware Chancery Court, billboard advertising company Clear Channel Outdoor must demand the immediate repayment of $200 million outstanding under the loan and then distribute that amount...
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