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Former MoviePass Directors Settle Suit For $12M -- Market Talk

Dow Jones Newswires ·  Oct 26, 2020 23:39

DJ Former MoviePass Directors Settle Suit For $12M -- Market Talk

11:39 ET - Former directors and officers of MoviePass and its parent company Helios & Matheson Analytics have agreed to pay $12M to settle a civil lawsuit over the movie subscription service's failure. The settlement, paid by company insurers, resolves allegations brought by a trustee liquidating the company that management should have known their plan for MoviePass "would never succeed," according to papers filed Friday in the US Bankruptcy Court in New York. MoviePass' former directors have denied wrongdoing and claimed risks were part of pursuing a novel business model. (jonathan.randles@wsj.com)

(END) Dow Jones Newswires

October 26, 2020 11:39 ET (15:39 GMT)

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