Amazon to pay Toys R Us $51 million
June 13, 2009
U.S.-based Amazon Inc. says it has agreed to pay Toys R Us $51 million to settle a longstanding breach-of-contract lawsuit.
The one-time payment is to be charged against Amazon’s second-quarter results and be paid in the third quarter, The Seattle Times reported Saturday.
Toys R Us in 2004 accused Amazon of breaking a partnership agreement by selling some toys, games and baby products through its Web site over which Toys R Us claimed exclusive rights.
Friday’s settlement ends that dispute, officials with the Securities and Exchange Commission said.
Amazon and Toys R Us declined to comment on the settlement, the Times reported.
Source: upi