Global Children’s Entertainment and Merchandise Licensing company 4Kids Entertainment, Inc., and Asatsu DK Inc and TV Tokyo have jointly announced that they have finally reached a settlement of the lawsuit ADK and TV Tokyo originally brought against 4Kids regarding the license of the Yu-Gi-Oh! Property.
The lawsuit was originally filed against 4Kids last year after TV Tokyo (licensors of the Yu-Gi-Oh! Property) conducted an audit on 4Kids’ Yu-Gi-Oh! business per their licensing agreement, and accused 4Kids of “wrongful deductions, underpayments, and unmet obligations,” stating that the company owes them US$4,792,460.36.
The settlement agreement between 4Kids, ADK, and TV Tokyo means that 4Kids will continue as the exclusive licensing agent for TV broadcast, home video, and merchandise for the Yu-Gi-Oh! property throughout the world outside of Asia.
What’s worth nothing about the settlement is that it does not constitute an admission by any party of any fault or liability. It only came about as all the parties agreed to work together amicably for the continued success of the Yu-Gi-Oh! Property.
“We are very pleased that the Yu-Gi-Oh! litigation has been settled,” said Michael Goldstein, interim Chairman of 4Kids. “We are looking forward to continuing to work with our long-standing partners ADK, TV Tokyo, Shueisha and Konami on the Yu-Gi-Oh! brand and on the new Yu-Gi-Oh! television series,Zexal.”
“The settlement of the litigation enables the Yu-Gi-Oh! Consortium and its partner 4Kids to focus all of their energy on the Yu-Gi-Oh! brand,” said Makoto Nakamura, CEO and President of Nihon Ad Systems, a subsidiary of ADK. “We are excited about the future of the Yu-Gi-Oh! property both in the US and worldwide.”