Live Nation Agrees to Settle Consolidated Antitrust Lawsuits

Live Nation Entertainment Inc. (LYV) said it agreed to settle 22 consumer antitrust class-action lawsuits dating back to 2002 that were consolidated in federal court in Los Angeles.

“The parties in all twenty-two actions have reached a global settlement agreement, which is in the process of being finalized,” Live Nation said in a filing yesterday. Terms of the settlement weren’t disclosed in the filing, in which lawyers asked U.S. District Judge Stephen Wilson to put the case on hold while the settlement is completed.

Wilson in March rejected expert testimony about the harm concert ticket buyers sustained from alleged anti-competitive practices.

Representatives of Live Nation didn’t immediately respond to an e-mailed request for comment on the settlement. Steve Berman, a lawyer for the plaintiffs, didn’t immediately return a call to his office.

The case is Live Concert Antitrust Litigation, 06-01745, U.S. District Court, Central District of California (Los Angeles.)

To contact the reporter on this story: Edvard Pettersson in Los Angeles at epettersson@bloomberg.net.

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.

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