Santa Monica’s Activision Blizzard Inc. has agreed to a $275 million settlement to end a shareholder lawsuit stemming from an $8 billion deal last year in which the company and an investor group regained majority control from French conglomerate Vivendi SA.

The money will be paid by insurance firms and various defendants directly to Activision rather than to the shareholders, according to a statement released by the video game publisher. Neither side admitted any wrongdoing.

The suit claimed Activision Chief Executive Bobby Kotick and co-Chairman Brian Kelly breached their fiduciary duties by joining the investor group known as ASAC, which, together with Activision, purchased 88 percent of Vivendi’s shares.

The plaintiff in the class-action derivative lawsuit, Anthony Pacchia, argued the two men had effectively transferred control of the company to themselves in the deal, according to a Reuters report.

As part of the settlement, ASAC’s voting rights will be lowered from 24.9 percent to 19.9 percent and two unaffiliated directors will join Activision’s board. The money will also pay for plaintiff’s attorney fees.

Activision owns the popular “Call of Duty” and “World of Warcraft” video game titles.