New Frontier Media Inc. has settled litigation involving former director Edward Bonn, who was at one time their largest shareholder.
The settlement also involves Jerry Howard, a former officer of two New Frontier subsidiaries -- Interactive Gallery Inc. and Interactive Telecom Network Inc.
The legal settlement relates to a 2002 lawsuit by Bonn, filed to oust the company's current board and install new directors, including Bonn. The suit was filed in Boulder County District Court in May of last year.
New Frontier countersued, alleging Bonn and another director, Bradley Weber, breached their fiduciary duty to the company.
Terms of the deal weren't disclosed, but the resolution was "amicable," according to company statement. Bonn acquired "substantially all" his New Frontier shares in the arrangement.
New Frontier distributes adult entertainment via pay-per-view television, satellite and the Internet.
