According to Bloomberg, Stern’s production company, One Twelve Inc., and his agent, Don Buchwald, sued Sirius XM Radio in 2011, claiming the company refused to pay $300 million in stock awards owed under an agreement that brought the radio personality to the company.
Justice Barbara Kapnick of state Supreme Court dismissed the suit last April, rejecting arguments that subscribers to XM Satellite Radio, which merged with Sirius in 2008, should be counted when calculating the compensation.
An appeals court in
today agreed with Kapnick, saying the plaintiffs aren’t entitled to additional
performance- based compensation under the agreement with the company’s
predecessor, Sirius Satellite Radio Inc.