(Reuters) – Match Group Inc. said on Wednesday that it would pay Tinder founders $ 441 million to solve a case in which dating app executives claimed the parent company was at the app's value to avoid paying billions of dollars.
The atmosphere. The New York Supreme Court has ruled that IAC / InterActiveCorp and its subsidiary, Match, deliberately prevented plaintiffs, including Tinder founders Sean Rad, Justin Mateen and Jonathan Badeen, from exercising stock options that they could exercise and sell to the IAC.  ] The plaintiffs were given share options in Tinder as part of their compensation in 2014, but since Tinder is a private company, they could not exercise their options and then sell shares on the open market.
Instead, they were allowed to exercise their options and sell only to IAC and Match on specific dates, when the stock options would be valued independently.
But IAC and Match merged Tinder into Match without c. access by Tinder's board and set future dates for the exercise of options, according to the trial.
Tinder is one of Match Group's largest and fastest growing brands. It has amassed millions or users worldwide and has benefited from the pandemic with many consumers using the app while locked at home.
Match says they intend to pay the settlement with cash.