Sothebys Forked Out $20 Million In Legal Battle Against Dan Loeb

Mani

Published onNovember 11, 2014

Updated on May 13, 2021

Sothebys (NYSE:BID) disclosed in its earnings call Monday that it had spent $20 million in its legal battle with Dan Loeb, with half going towards reimbursing Loeb for his legal bills. Back in May, the auction company pegged the legal cost at $15.7 million.

Nearly 50% of Sothebys nine months net income

Sothebys (NYSE:BID) unveiled its third-quarter results Monday, highlighting a 120% improvement in adjusted pretax income in the first nine months of 2014. The auction company attributed the strong performance to a strong global art market and increased sales worldwide.

The auction house’s adjusted net income for the nine months was $64.3 million...

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Mani

Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports

Sothebys Forked Out $20 Million In Legal Battle Against Dan Loeb

Nearly 50% of Sothebys nine months net income

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