Sothebys Forked Out $20 Million In Legal Battle Against Dan Loeb

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Sothebys Forked Out $20 Million In Legal Battle Against Dan Loeb

Sothebys (NYSE:BID) disclosed in its earnings call Monday that it had spent $20 million in its legal battle with Dan Loeb, with half going towards reimbursing Loeb for his legal bills. Back in May, the auction company pegged the legal cost at $15.7 million.

Nearly 50% of Sothebys nine months net income

Sothebys (NYSE:BID) unveiled its third-quarter results Monday, highlighting a 120% improvement in adjusted pretax income in the first nine months of 2014. The auction company attributed the strong performance to a strong global art market and increased sales worldwide.

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The auction house’s adjusted net income for the nine months was $64.3 million and adjusted diluted EPS stood at $0.91 compared to $39.3 million or $0.57 per diluted share a year ago. For the third quarter, its adjusted net loss was $20.6 million and adjusted loss per share was $0.30. The adjusted net income numbers exclude restructuring and special charges.

The auction house’s third quarter loss was