A New York Appeals Court — in a one-paragraph decision — declined to review a lower courts ruling against Stern, Reuters is reporting.
Stern, who came to Sirius in a $500 million deal in 2006, filed against Sirius XM Radio (NASDAQ:SIRI) in 2011, claiming the company owed him stock worth hundreds of millions of dollars based on subscriptions growth during his time there.
However, the extra incentives centered on the growth of Sirius subscribers. Stern argued that the acquisition of XM by Sirius should also count as a growth in Sirius, and he should be rewarded for that increase. The lower court disagreed and now so has the appellate court.
Neither Stern nor Sirius XM had any comment on the suit.
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