Live Nation's fourth quarter results will include a $22.3 million charge related to a class-action suit filed in 2003, the company disclosed in an SEC filing on Wednesday . A non-jury trial was set to begin today, according to a website created for the lawsuit.
"Curt Schlesinger and Peter Lo Re, on behalf of themselves and the Class vs. Ticketmaster" was given class action status by a California judge in September 2010. It claimed Ticketmaster had misled the plaintiffs in its descriptions of processing delivery charges as pass-through fees and not profit generators.
According to the SEC filing, the lawsuit was settled in December 2010 and remains subject to preliminary and final court approval. It says the plaintiffs are expected to file a motion for the court to approve the settlement on or after February 28.
A one-time restructuring charge of $4.9 million will also be recognized in the quarter. Live Nation will release its fourth quarter and full year results on February 28. With the two one-time charges, Live Nation currently estimates that its adjusted operating income will drop to $362 million from the $389 million figure that would have been in line with the guidance given during its previous earnings call.