Barnes & Noble’s Riggio Settles Investor Lawsuit

Barnes & Noble Founder and Chairman Leonard Riggio agreed on Wednesday to forgo $29 million from a sale of one of his companies to the book retailer in order to settle a shareholder lawsuit, according to court documents, Reuters reported. The lawsuit goes back to a 2009 agreement by the chain to buy back Barnes & Noble College Booksellers Inc. for $514 million from Riggio. Shareholders sued Riggio, saying the deal overvalued the college bookstores and enriched Riggio, Barnes & Noble’s largest investor, at the expense of shareholders.