SIRIUS XM Radio (SIRI) Howard Stern Case Dismissed With Prejudice

SIRIUS XM Radio (Nasdaq: SIRI) disclosed that yesterday, New York State Supreme Court Judge Barbara Kapnick granted their motion for summary judgment and dismissed with prejudice the case brought against the company by One Twelve, Inc., Howard Stern's production company, and Don Buchwald, Stern's agent.

In March 2011, One Twelve and Buchwald commenced an action against the company in the Supreme Court of the State of New York, County of New York. The action alleged that SIRIUS XM failed to honor obligations under the performance-based compensation provisions of our prior agreement dated October 2004 with One Twelve and Buchwald, as agent; One Twelve and Buchwald each asserted a claim of breach of contract. The Court found the agreement unambiguous and that they had complied with all their obligations under the agreement.

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