MGM-UA Holder Suit Settled: A judge in...

MGM-UA Holder Suit Settled: A judge in Los Angeles approved a settlement--reached five weeks ago--to award $35 million to MGM-UA shareholders who claimed the studio’s former owner failed to get the highest price for United Artists when it was sold in 1986. The $200-million class-action suit alleged that billionaire financier Kirk Kerkorian, the controlling stockholder, undervalued United Artists when he sold Ted Turner MGM-UA Entertainment, then bought back UA. MGM-UA was sold to Turner for $1.5 billion, while Kerkorian bought back UA for $470 million--a figure that the suit contended was far too low.