Lawsuit Against Vince McMahon Dropped
One shareholder lawsuit has been dropped
May 5, 2023
Vince McMahon has one less legal headache to worry about, as a lawsuit filed against him has been dropped.
Bloomberg reported that a group of WWE shareholders agreed to drop their suit after McMahon agreed to repay the $17.4 million WWE spent investigating him, with a judge in the case granting a dismissal.
The move will effectively put an end to the spat of similar shareholder derivative lawsuits filed in Delaware's Chancery Court.
WWE spent the $17.4 million conducting an investigation into allegations of sexual harassment and hush-money payments. McMahon himself had paid accusers almost $20 million since 2007.
Counsel for the WWE investors indicated that they plan to pursue a 'mootness fee' as a reward for forcing McMahon's hand. Bloomberg reported that a different group of shareholders are also currently seeking a similar fee after dropping a related case when the Executive Chairman walked back some bylaw changes he pushed through as part of his return to power earlier this year.
WWE still face a racial discrimination lawsuit filed by a former writer.
