Howard Stern Is Suing His Boss (SIRI)

Howard Stern's production company

Inc.

today for failing to pay stock grants the company promised to Stern when he first signed on in 2006. One Twelve Inc. and Stern's agent, Don Buchwald, filed the suit in New York court today. According to the suit, Sirius, promised to pay a series of stock awards if the company exceeded its subscriber estimates. Buchwald was due 10% of the award as part of One Twelve's compensation. After Sirius merged with XM in 2008, according to the lawsuit, One Twelve has not received the stock grants. The plaintiffs are seeking unspecified amounts with interest. The company now has over 20 million subscribers. “When Sirius needed Stern, it promised him a share in any success that the company achieved,” according to the suit. “But now that Sirius has conquered its chief competitor and acquired more than 20 million subscribers, it has reneged on its commitment to Stern, unilaterally deciding that it has paid him enough.” Shares of Sirius lost 1 cent today to close at $1.71.