A New York Judge dismissed a lawsuit by Howard Stern against SiriusXM for $300 million in stock. Stern filed the lawsuit claiming that the radio broadcaster owed him the stock as a part of his contract.
Judge Barbara Kapnick granted SiriusXM the right to motion for summary judgment and dismissed the lawsuit. Stern and his manager Don Buchwald filed the lawsuit jointly. Buchwald was seeking $30 million in stocks.
Kapnick determined that Stern’s claims were unfounded due to the clear, unambiguous language of Stern’s contract with SiriusXM. Stern has claimed hundreds of millions in stock awards from the stocks he was granted.
In December 2010, Stern had renewed his contract with SiriusXM for five years. Three months after signing the contract, he filed the lawsuit claiming a breach of contract.