WWE Chairman Vince McMahon is no longer facing investor lawsuits in the state of Delaware as a result of his surprise WWE return earlier this year.
PWMania.com previously reported in late March that McMahon personally contributed $17.4 million to the WWE Board of Directors’ 2022 investigation into sexual misconduct allegations leveled against him and former Head of Talent Relations John Laurinaitis. Full details on the payment can be found by clicking here, which included a release of McMahon by WWE regarding the payment of the costs, as well as a release of the company by McMahon for the investigation and related matters.
In an update, Bloomberg reports that shareholders leading a consolidated lawsuit against McMahon over his return to the company agreed to drop the suit on Wednesday, claiming that their claims became moot when McMahon agreed to make the payment.
The motion was granted the same day by Delaware Courts Vice Chancellor J. Travis Laster, effectively ending the suits in that state over McMahon’s WWE return.
WWE investors’ attorneys have indicated that they intend to seek a “mootness fee” as compensation for their role in forcing McMahon’s hand. A different group of shareholders is already seeking a “mootness fee” after McMahon backed down on some bylaw changes he’d pushed through as part of his return in early January.
McMahon is represented by Potter Anderson & Corroon LLP, WWE by Paul, Weiss, Rifkind, Wharton & Garrison LLP, and the investors by Christensen & Dougherty LLP, Scott & Scott Attorneys at Law LLP, Bernstein Litowitz Berger & Grossmann LLP, Robbins LLP, and Richard A. Maniskas.
Stay tuned to PWMania.com for more.
