Wednesday, November 25, 2020

WWE Settles Lawsuit Regarding Saudi Arabia Deal For $39 Million

The lawsuit has been settled.

WWE has found closer to a lawsuit regarding their business relationship with the Kingdom Of Saudi Arabia.

WWE announced the news in an SEC filing, which states a settlement of $39 million will be paid to City Of Warren Police and Fire Retirement System, stockholders who made a complaint earlier this year.

- Advertisement -

Basically, the lawsuit alleged that WWE executives artificially inflated stock prices, sold shares, and failed to disclose failed negotiations regarding a new broadcast deal in Saudi Arabia.

An excerpt of WWE’s statement reads like the following: 

“The Term Sheet was reached in connection with a voluntary mediation which involved the Plaintiffs and their counsel, the Company and its counsel, and the Company’s insurance carriers.  Aside from the Term Sheet, there will be other standard and customary terms of class action settlements in the stipulation of settlement.  The settlement is subject to notice to the class and preliminary and final approval by the Court.

The Company believes that resolving the matter is the right business decision and that it is prudent to end the protracted and uncertain class action process.”

The defendants listed in the lawsuit were WWE, Vince McMahon, and former WWE Co-Presidents George Barrios and Michelle Wilson. WWE expects the settlement to be paid by their insurance carriers.

Vince McMahon Provides Update On Status Of Next Saudi Arabia Show Amid Coronavirus

Trending Articles

Update On Seth Rollins’ Time Away From WWE

At Survivor Series 2020, Seth Rollins was eliminated fairly quickly from the men's 5-on-5 traditional elimination tag-team match. He tagged in and allowed Sheamus...

Aleister Black Update After Several Weeks Off WWE TV

Aleister Black hasn't been seen on WWE programming for some time. In light of his wife Zelina Vega's recent release, some fans have questioned...

WWE Files For “Skull King” Trademark & Others

WWE recently filed several new trademark applications with the United States Patent & Trademark Office. A search of the USPTO database shows that WWE...

Court Bauer Reveals Nixed Idea For Match Between Bret Hart & Vince McMahon

WrestleMania 22 featured a number of interesting matches such as John Cena vs. Triple H and JBL vs. Chris Benoit and one of these...

The Godfather Agrees With Fan Criticism About Undertaker’s “Final Farewell”

The Godfather responded to some fans who were critical of what WWE did with The Undertaker’s Final Farewell at Sunday’s pay-per-view event.  Before Taker came...

Latest Wrestling News

AEW Dynamite Results (11/25): Moxley & Omega Contract Signing, Women’s Title Match

AEW Dynamite aired from Daily's Place in Jacksonville. PAC and Fenix battled Butcher & Blade in this week's main event. Dynamite Results (11/25) Hangman Page...

WWE NXT Results (11/25): Ladder Match, Ember Moon vs. Candice LeRae

The November 25, 2020 episode of WWE NXT aired live on the USA Network from Orlando, Florida at the Capitol Wrestling Center.  WWE NXT Results   Candice...

AEW Winter Is Coming: Updated Card For December 2nd Dynamite

All Elite Wrestling has confirmed five matches for Winter is Coming, a show they have billed as the biggest AEW Dynamite in history. The following...

Title Match Set For WWE NXT TakeOver: WarGames

A new match has been announced for the upcoming WWE NXT TakeOver: WarGames.  On Wednesday’s episode of WWE NXT, there was a comedy segment during...

Dynamite Diamond Battle Royale Announced For AEW Winter is Coming

Next week is the special Winter is Coming edition of AEW Dynamite. AEW is advertising the show as the biggest Dynamite in history. We know...

Stephanie McMahon Confirms WWE Wanted To Have Fans Back At Shows In The Fall

Stephanie McMahon took part in Forbes CMO Summit Virtual Series to talk all things WWE.  During the appearance, the WWE Chief Brand Officer talked about...

Pete Dunne Discusses His WWE NXT Return

Pete Dunne has made his return to WWE NXT after being associated with the NXT UK brand for the majority of his time with...

The Godfather Agrees With Fan Criticism About Undertaker’s “Final Farewell”

The Godfather responded to some fans who were critical of what WWE did with The Undertaker’s Final Farewell at Sunday’s pay-per-view event.  Before Taker came...