Barnes & Noble Predicted to Settle Lawsuit with Ron Burkle

By Jason Boog 

barnes-noble-logo1.jpgReports surfaced last night that bookseller Barnes & Noble will announce a settlement today in a lawsuit with stockholder Ron Burkle. Burkle had sued the bookseller, alleging that shareholders had created an unfair deal keeping him from increasing his stake in the company.

Journalist Sarah Weinman has covered the case for months over at Daily Finance, and summarized the expected deal: “Three new members will be added at the September 28 shareholders meeting, expanding the total number of directors from 9 to 12. One appointed by Burkle through his Yucaipa Companies investment firm, and two lacking any overt ties to either side. At some point in the future, however, the board of directors will then shrink to 11 when an existing member takes himself out of the running for a re-election bid.”

The news comes on the heels of last week’s bombshell announcement that the company was considering putting itself up for sale, among other “strategic alternatives.” It seems the board is seeking to make peace during these uncertain times.