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Former Gemstar CFO Settles With Company

Jun 13, 2006  •  Post A Comment

Gemstar-TV Guide International said Tuesday it has settled an ongoing legal war with its former chief financial officer, Elsie Ma Leung.

Gemstar said in a statement that as part of the settlement, Ms. Leung relinquished all claims to the approximately $8.4 million that she claimed she was entitled to as part of her departure from the company amid an accounting scandal four years ago. Ms. Leung and Gemstar also resolved all pending arbitration.

The settlement comes just over four months after Ms. Leung agreed to pay $1.3 million to settle civil charges with the Securities and Exchange Commission in connection with an accounting scandal that involved allegations she had a role in falsely pumping advertising and licensing-fee revenue by at least $258 million between 1999 and 2002.