Benzinga | Dec 1, 2021 09:40AM EST

Match Agrees To Settle Tinder Valuation Lawsuit For $441M

* Match Group Inc (NASDAQ:MTCH) disclosed the settlement of valuation lawsuit Rad, et al. v. IAC/InterActiveCorp (NASDAQ:IAC), et al. and related arbitrations.

* Match agreed to pay the plaintiffs $441 million, and the plaintiffs will dismiss all claims presently on trial and in arbitration related to the 2017 Tinder valuation.

* The company said, "We intend to pay the settlement from cash on hand."

* Tinder co-founder Sean Rad and other early employees prosecuted IAC and Match in 2018 for fraudulently undervaluing their Tinder stock options one year prior by at least $2 billion.

* The complainants also alleged various issues, including IAC/Match taking control of Tinder through management changes and firing Rad from his Tinder CEO seat in favor of Match's Greg Blatt.

* Under Blatt's leadership, the appellants were accused of manufacturing, suppressing, and lying about Tinder's performance during a private valuation process.

* Price Action: MTCH shares traded higher by 2.77% at $133.59 in the market session on the last check Wednesday.