"I endorse and am contributing to these settlements to facilitate the resolution of all matters and to minimize the impact on Sotheby's, a company I care about deeply," Taubman said.
"Our goal over the last several months has been to put behind us the litigation clouding Sotheby's future. The settlements we have approved today resolve the lawsuits in which the company had the greatest potential financial exposure," sysd Michael Sovern, chairman of the board of Sotheby's Holdings.
The claims were that while Taubman was chairman, the company collaborated with Christie's auction house to fix prices. This action drove down the company's stock, claimed shareholders.Taubman, who lives in Bloomfield Hills, MI, founded Taubman Centers Inc., one of the world's largest mall developing companies. The company recently earned the contract to increase retail interest in the Renaissance Center in Detroit.
Settlement of the civil antitrust lawsuit provides for a payment to the class by Sotheby's of $256 million. Sotheby's will be receiving $156 million from Taubman toward the settlement.
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