Sotheby's OKs $256 million to settle price-fixing suit

From: Chicago Sun-Times | Date: September 25, 2000 | Copyright information

NEW YORK The board of Sotheby's has approved payment of its half of a $512 million settlement to resolve claims that it cheated buyers and sellers for years by fixing fees with rival auction house Christie's.

Sotheby's majority shareholder and former chairman, A. Alfred Taubman, will pay $156 million of the company's $256 million portion, Sotheby's said Sunday. In exchange, the company said, it settled all potential claims against him.

Taubman said he was making the payment to speed a resolution of the matter and to minimize the effect on the company.

The other half of the settlement is due ...

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