Barnes & Noble’s Riggio settles investor lawsuit

New York -- Barnes & Noble Inc. founder and chairman Leonard Riggio agreed on Wednesday to forgo $29 million from a sale of one of his companies to the book retailer in order to settle a shareholder lawsuit, according to court documents, Reuters reported.

The lawsuit goes back to a 2009 agreement by the chain to buy back Barnes & Noble College Booksellers Inc. for $514 million from Riggio.

Shareholders sued Riggio, saying the deal overvalued the college bookstores and enriched Riggio, Barnes & Noble’s largest investor, at the expense of shareholders.