Court upholds $319M verdict in 'Millionaire' case
LOS ANGELES (AP) - A federal appeals court on Monday upheld a $319 million verdict over profits from the game show "Who Wants to Be a Millionaire" and rejected Walt Disney Co.'s request for a new trial.
A jury decided in 2010 that Disney hid the show's profits from its creators, London-based Celador International. The ruling Monday by a three-judge panel of the 9th U.S. Circuit Court of Appeals found no issues with the verdict or with a judge's rulings in the case.
"I am pleased that justice has been done," Celador Chairman Paul Smith said in a statement.
Disney did not immediately comment on the decision.
The ruling comes more than two years after the jury ruled in Celador's favor after a lengthy trial that featured testimony from several top Disney executives. The company sued in 2004, claiming Disney was using creative accounting to hide profits from the show, which first ran in the United States from August 1999 to May 2002 and was a huge hit for ABC.
The jury found that Celador was owed $269.2 million, and a judge later added $50 million in interest to the judgment.
The appeals court determined the verdict was not "grossly excessive or monstrous" and that it was not based on speculation or guesswork.
A jury decided in 2010 that Disney hid the show's profits from its creators, London-based Celador International. The ruling Monday by a three-judge panel of the 9th U.S. Circuit Court of Appeals found no issues with the verdict or with a judge's rulings in the case.
"I am pleased that justice has been done," Celador Chairman Paul Smith said in a statement.
Disney did not immediately comment on the decision.
The ruling comes more than two years after the jury ruled in Celador's favor after a lengthy trial that featured testimony from several top Disney executives. The company sued in 2004, claiming Disney was using creative accounting to hide profits from the show, which first ran in the United States from August 1999 to May 2002 and was a huge hit for ABC.
The jury found that Celador was owed $269.2 million, and a judge later added $50 million in interest to the judgment.
The appeals court determined the verdict was not "grossly excessive or monstrous" and that it was not based on speculation or guesswork.
Society is falling apart and honesty and integrity are no longer valued.
Is that their final answer?
Goofy got taken to the cleaners.
They print money at Disneyland and Disneyworld. None of us can imagine how much they net every hour of every day.
It's so sad...ever since Walt died, the Disney Corporation has had
all the Disney characters out working the streets each night selling
their souls for a little extra cash.
Walt Disney Co. hasn't been the same since Walt died...Â
This case reminds me of the Art Buchwald, Paramount lawsuit. Art wrote the piece "Coming to America" which starred Eddie Murphy and Arsenio Hall. Paramount, through "creative accounting" claimed that the movie didn't make any money so therefore, Art was owed nothing. Needless to say, Paramount lost that lawsuit.
I've heard from many sources in the entertainment industry, that if you're offered a piece of the back end, make sure it's off the gross not the net because nothing actually "makes money". Creative accounting is rampant.
This is not good for my Disney stock.
Finally, Disney got theirs!
Hakuna Matata, probably pocket change for Disney and they make make it up else where. A VERY sad example.
Wow amazing. Nice example Disney.
Musta used the gubment methodology of accounting - that old fuzzy math?