In 2000, Mattel handed over its multibillion-dollar acquisition to another firm for $27.3 million and a share of its future profits. Mattel’s purchase of TLC was eventually labelled by Businessweek as one of “the Worst Deals of All Time.” Shareholders launched a class-action lawsuit, naming O’Leary as a defendant, accusing him of insider trading and of being part of a scheme to obscure TLC’s financial state. In court documents, O’Leary denied the allegations.
In 2003, Mattel settled the lawsuit for $122 million—considered a “mega-settlement” by Cornerstone Research, a litigation consulting firm. O’Leary has sometimes been called a billionaire due to the size of the original deal. That overstates things: O’Leary in fact netted $11.2 million between his severance package and sale of his Mattel stock. The real money in the transaction was made by Bain and its partners.
more
Kevin O'Leary: He's not a billionaire, he just plays one on TV - The Globe and Mail
In 2003, Mattel settled the lawsuit for $122 million—considered a “mega-settlement” by Cornerstone Research, a litigation consulting firm. O’Leary has sometimes been called a billionaire due to the size of the original deal. That overstates things: O’Leary in fact netted $11.2 million between his severance package and sale of his Mattel stock. The real money in the transaction was made by Bain and its partners.
more
Kevin O'Leary: He's not a billionaire, he just plays one on TV - The Globe and Mail
