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FriendFinder to pay $15M to settle lawsuit

Thu, 07/07/2011 - 12:05pm
The Associated Press

FriendFinder Networks Inc., an adult website operator and publisher of Penthouse magazine, said Thursday that it has agreed to pay $15 million to settle a breach of contract lawsuit from Broadstream Capital Partners Inc.

The deal calls for FriendFinder to pay the settlement amount in three installments, beginning next Wednesday and through Jan. 2.

"We are pleased to have settled this matter at the low end of our potential exposure," said Marc Bell, CEO of FriendFinder Networks.

Shares fell 6 cents to $3.89 in afternoon trading.

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