wrestling / News
WWE Investors Win $39 Million Settlement Approval In Lawsuit Concerning Saudi Arabia Deal
Image Credit: WWE
As previously reported, WWE reportedly settled a lawsuit back in November regarding its business relationship with Saudi Arabia. Bloomberg Law reports that investors have since secured final approval in the matter for the $39 million settlement against the company.
The City of Warren Police and Fire Retirement System filed the lawsuit in March of last year, alleging that WWE made false and misleading statements regarding their relationship with the Kingdom of Saudi Arabia.
Judge Jed S. Rakoff preliminarily approved the settlement after rejecting WWE’s notion to dismiss the suit later in the year.
Bloomberg notes that according to Rakoff’s order, the settlement consists of those who acquired WWE common stock from February 7 of 2019 through February 5 of 2020 and lost money as a result, with the expectations being for those who had other close ties to the company.
The report states there were no objections to the settlement and that WWE did not admit any fault.
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