WWE Chairman Vince McMahon is now free from investor litigation in the state of Delaware over his surprise WWE return earlier this year.
We noted back in late March how McMahon personally made a payment of $17.4 million towards the WWE Board of Director’s 2022 investigation into sexual misconduct allegations against he and former Head of Talent Relations John Laurinaitis. You can click here for full details on the payment, which included a release of McMahon by WWE regarding the payment of the costs, and a release of the company by McMahon for the investigation and related matters.
In an update, a new report from Bloomberg notes that shareholders leading a consolidated lawsuit against McMahon over his return to the company agreed on Wednesday to drop the suit, saying their claims became moot when McMahon agreed to make the payment.
Vice Chancellor J. Travis Laster of the Delaware Courts granted the motion the same day, effectively ending the suits in that state over McMahon’s WWE return.
Attorneys for the WWE investors indicated they plan to seek a “mootness fee” as a reward for their role in forcing McMahon’s hand. A different group of shareholders is already seeking a “mootness fee” after dropping a related case when McMahon walked back some bylaw changes he’d pushed through as part of his return in early January.
McMahon is represented by Potter Anderson & Corroon LLP. WWE is represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP. The investors leading the case are variously represented by Christensen & Dougherty LLP, Scott & Scott Attorneys at Law LLP, Bernstein Litowitz Berger & Grossmann LLP, Robbins LLP, and Richard A. Maniskas.
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