business

A California court has provisionally approved a settlement with CD Projekt’s US plaintiffs

A California court has provisionally approved a settlement with CD Projekt’s US plaintiffs

A California court has provisionally approved a settlement with CD Projekt’s US plaintiffs

2023-01-05 17:06

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2023-01-05 17:06

A California court has provisionally approved a settlement with CD Projekt’s US plaintiffs, CD Projekt said in a statement.

A California court has provisionally approved a settlement with CD Projekt’s US plaintiffs
A California court has provisionally approved a settlement with CD Projekt’s US plaintiffs
photo by Katarzyna Was-Smarczewska / / Bankier.pl

“The Preliminary Approval of the Settlement Agreement approves the terms of the settlement regarding, in particular, the complete withdrawal by the plaintiffs of any claims against the company and its directors and the payment of USD 1.85 million to the class of plaintiffs by the company and the insurer – Colonnade Insurance, as reported by the company in the report current issue No. 45/2021 of December 16, 2021.

In December 2021, CD Projekt signed a binding agreement containing the key terms of the settlement, i.e. the “Settlement Term Sheet”, with the complainants of the company in the USA. The company, together with the insurer, Colonnade Insurance, will pay them a total of USD 1.85 million

Pursuant to the agreement, the persons suing the company completely withdraw from any claims against the company and members of its management board.

At that time, the company announced that it had decided to conclude a settlement, taking into account: the time and cost of further proceedings in the US, which could arise regardless of the court’s decisions, acceptance of the main terms of the settlement by the company’s insurer, recommendation law firm representing the company and the other defendants, regarding the conclusion of the settlement and common market practice functioning in the United States in this type of proceedings.

In December 2020 and January 2021, the company informed about class actions brought by law firms acting on behalf of a group of holders of American securities listed under the symbols “OTGLY” and “OTGLF” and based on CD Projekt shares.

In turn, in May court consolidated the filed class action lawsuits in the US against CD Projekt and selected the lead plaintiff. After consolidation, all four filed claims were to be considered as part of one possible court proceeding.

Law firms against the Polish company accused it of making false statements and failing to disclose the fact that playing the company’s new production, “Cyberpunk 2077”, was practically impossible on Xbox systems

“Cyberpunk 2077” debuted on December 10, 2020 on PC, PlayStation and Xbox platforms as well as on Stadia and GeForce Now streaming services. (PAP Business)

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