Perelman Settles Suit Over Marvel Notes For $80M

Law360, New York (August 8, 2008, 12:00 AM EDT) -- Billionaire Revlon Inc. chairman Ronald Perelman and other former directors of Marvel Entertainment Group have agreed to pay $80 million to settle a lawsuit accusing them of breaching their fiduciary duty to Marvel investors in connection with notes worth over $550 million issued while Perelman controlled the company.

Judge Sue Robinson, of the U.S. District Court for the District of Delaware, has set a hearing for Sept. 11 to consider the motion to approve the settlement, the Wall Street Journal reported Friday.

The plaintiffs — trustees...
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