Barnes & Noble Inc. founder Leonard Riggio agreed to pay $29 million to settle investors’ claims that he wrongfully pushed the biggest U.S. bookstore chain to acquire his college textbook firm, lawyers said.
Riggio, Barnes & Noble’s chairman, agreed to settle shareholders’ Delaware Chancery Court lawsuits alleging the $596 million buyout of the textbook seller in 2009 was designed to unfairly reward him and amounted to a waste of company assets, attorneys representing company shareholders said in an emailed release.
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