Shareholder Lawsuit
In a shareholder lawsuit filed in 2003, a lower court federal judge ruled that former InfoSpace CEO, Naveen Jain, had purchased shares of Infospace in violation of six month short swing insider trading rules, and issued a $247 million judgment against him, the largest award of its kind at that time. While on appeal in 2005, Jain settled the case for $105 million, while denying liability. Jain's attempt in further litigation against his former lawyers for the loss was dismissed.
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