Online closeout retailer Overstock.com said Tuesday that Rocker Partners will pay $5 million to settle litigation filed in 2005.
The settlement ends claims in Overstock.com's lawsuit against Rocker Partners, David Rocker, Marc Cohodes and the management companies and hedge funds they controlled and advised. Overstock.com said the defendants also have agreed to dismiss their cross-complaint against Overstock.com and Patrick Byrne, Overstock.com's chairman and chief executive officer.
Overstock.com filed suits in 2005, claiming that Rocker Partners, now known as Copper River Partners, and others were involved in libel, intentional interference with prospective economic advantage and violations of California's unfair business practices act. In October 2008, Overstock.com settled with defendants Gradient Analytics and its current and former principals.