Paramount Settles Colossal Film Slate Lawsuit

On Thursday Paramount finally settled a three-year-old film slate lawsuit. The suit was brought by asset management company Content Partners whose investors, include Mark Cuban. Paramount was accused of cheating profit participants on twenty-five films such as 1990s blockblusters ‘The Truman Show”, “Face/Off” and “Runaway Bride”. In the aggregate, the suit was worth more than $100M. The complaint contended that Paramount sought to make films at minimal risk to itself, while deriving millions in misappropriated sums. Paramount responded by blaming JPMorgan for making a secret deal to get out of “risk-free” loans. In September, the judge found that the counterclaims would only be sufficient if JPMorgan was joined as a cross-defendant and gave Paramount twenty days to amend the cross-complaint. A summary judgment hearing was scheduled for next week but the parties settled in lieu of continuing litigation.  

http://www.hollywoodreporter.com/thr-esq/paramount-settles-big-film-slate-665363

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