Sotheby’s Derivative Litigation

In the Sotheby’s Derivative Litigation, plaintiffs alleged that the Company’s Chief Executive Officer had entered into illegal price-fixing agreements with the Company’s leading purported competitor, Christie’s International PLC. As a result of the settlement of this case, the Company received the return of certain monetary benefits which had been provided to the Chief Executive Officer that were worth approximately $12 million to the Company. In addition, significant changes in the Company’s top management and Board of Directors were achieved in conjunction with the settlement of the case.
Huscher v. Curley, et. al., No. 00 Civ. 21379 (Mich. Cir. Ct., 2000) (the “Sotheby’s Derivative Litigation”)