BUSINESS BRIEFS / COURTS
TIMES WIRE REPORTS
Amazon.com Inc. agreed to pay $51 million to Toys “R” Us Inc., settling a 5-year-old lawsuit with the largest U.S. toy-store chain.
The settlement will be paid in the third quarter, the Seattle company said. Toys “R” Us will then dismiss all claims, Amazon said.
Toys “R” Us sued Amazon in 2004, alleging that it broke an exclusive contract and allowed third parties to sell toys on its website. Toys “R” Us had sought $65 million for past fees and additional damages for lost sales.
In 2000, Toys “R” Us was the first major retailer to enter an alliance with Amazon.
