We were all privy to the goings on over Martha Stewart's fence.
"She may have done the time, but Martha Stewart is still paying for the crime," says E! Online. Never mind, at $30 million scheduled payout, looks like the homemaking maven is not putting any shoddy renovation.
The six-figure settles a class-action complaint, which are consolidated lawsuits that were filed in 2002, in the wake of Stewart’s insider-trading scandal that stemmed from her sale of 4,000 shares of ImClone stock in December 2001 – one day before the biotech company went public with stock-damaging news that the Food and Drug Administration publicly rejected Erbitux, a new cancer drug created by ImClone. (By the way, the feds ultimately approved the drug in 2004.)
Martha Stewart Living Omnimedia (MSLO) has agreed to the settlement disbursing $15 million for its part. The company’s insurers are expected to pay the remaining $10 million. And the rest – Stewart plans to pay $5 million out of her own pocket for her part in the settlement.
And the recovering Stewart is not minding. What’s $5 million more to shell out on top of the $195,000 fine she was ordered to pay in August to settle civil insider-trading charges with the Securities and Exchange Commission (SEC).
Perhaps, more than the bucks, a more disheartening news for Stewart is a clause in the settlement that actually bans her from serving as a director of a public company for five years and put checks in place for five years on her executive position at Martha Stewart Living.