Take-Two reaches $20 million Hot Coffee settlement

Take-Two's reached a $20 million settlement in the Hot Coffee case, the company said today.

$15,200,000 will be paid by the company’s insurancers, and $4,915,000 will be paid by Take-Two itself.

Win for the prudes. PR after the break.

Take-Two Interactive Software, Inc. Announces Settlement of Securities Class Action

New York, NY – September 1, 2009 – Under the proposed settlement, the class action will be dismissed in exchange for an aggregate payment of $20,115,000 into a settlement fund for the benefit of class members, of which $15,200,000 will be paid by the Company’s insurance carriers, and $4,915,000 will be paid by the Company. Take-Two fully accrued for its portion of the settlement costs over several quarters ended April 30, 2009. The Company also agreed to supplement the substantial changes that it has already implemented in its corporate governance policies and practices. The settlement is subject to the completion of final documentation and preliminary and final approval by the Court.

“We are pleased to have reached this settlement, which represents another important step forward for the Company,” said Strauss Zelnick, Chairman of Take-Two.