BRATZ/BARBIE: MGA made settlement offer

MGA's Isaac Larian revealed last week that he made a "very fair and compelling settlement offer" to Mattel in February.
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Reuters has reported that in a statement, Larian said an offer was made through a mutually agreed mediator, who delivered the written settlement offer directly to Mattel’s Chairman and CEO Robert Eckert.

Larian explained that in the letter, MGA proposed that Mattel pay the firm "way below $500 million" to settle the legal battle and allow Mattel ownership of the whole line, Larian said.

But so far, MGA has not received a response or counter-proposal, Larian added.

Larian’s statement was in response to Eckerts comments in a conference call to discuss Mattel's quarterly results, when he said he had not seen anything that made him conclude MGA sincerely wanted to resolve the issue.

"The ball is in their court," Larian told Reuters in an interview. "We offered this letter to just get out of this ... and move on with our lives. I am 55-years-old and I've been living this nightmare since 2004."

Mattel lawyers argued in court last summer that MGA should turn over the estimated $987 million in profits it made on the Bratz line since 2001, plus punitive damages.

Mattel won the rights to all but four of the original Bratz drawings and was awarded up to $100 million in damages.

In a blow to MGA, US District Judge Stephen Larson ordered the company to stop making and selling the dolls, but later suspended the ruling till the end of 2009 to give MGA a chance to appeal.

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