Sirius' (SIRI) Prices Won't be Raised

Per a settlement over a lawsuit alleging Sirius XM (NASDAQ:SIRI) had raised prices significantly after Sirius and XM has merged in 2008, the company agreed not to raise prices through December 31.

In a filing with the SEC, Sirius said they won't raise prices on their basic satellite radio service, other programming packages or its Internet streaming services through that date.

Current customers will also be allowed to renew without having to endure a price increase as well.

Sirius said in a statement Monday that it made the decision to settle the lawsuit “despite our belief that the claims asserted by the plaintiffs were untrue," adding it was “in the best interest of our stockholders to avoid further legal expense and inconvenience and eliminate the distraction of this protracted litigation.”

Sirius was trading at $2.20, down $0.04, or 1.79 percent, as of 11:00 AM EDT.