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Thursday, January 27, 2011

LNE settles TM suit

SPECIAL DELIVERY: Live Nation Entertainment has settled a class-action lawsuit over fees charged by its current partner, Ticketmaster. The suit, originally filed by two individual plaintiffs in 2003, alleged that TM misled customers when added “delivery fees” of $14.50-25 on ticket prices. The plaintiffs claimed that the fees simply were actually designed to boost the company's profit. In December, Live Nation set aside $22.3 million to pay for legal fees and issue refunds to affected customers. Concurrently, it reduced its expected Q4 earnings by the same amount, plus $4.9 million to "restructure its North American concerts business," according to a report filed Wednesday with the SEC. As a result, LN expects its quarterly operating income to be $362 million, down from the previous estimate of $389 million. While the company admitted no wrongdoing, it said Ticketmaster would "make certain changes to disclosures on its website." (1/27a)

 
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