$39 Million Settlement Agreed Between WWE & Investors In Lawsuit Concerning Saudi Arabia Deal
A group of WWE investors who felt misled by WWE’s dealings with Saudi Arabia have won a settlement approval of $39 million.
The investors accused WWE of misleading them about the status of media rights deals in Saudi Arabia. In March 2020, the City of Warren Police and Fire Retirement System brought a class action lawsuit against WWE, and have acted as lead plaintiff for all investors during the case.
The lawsuit stems from the 10-year agreement WWE made with the Kingdom of Saudi Arabia to present two live shows a year. The suit also makes mention of rising tension between WWE and the Saudi government, in particular how the Saudi government failed to pay millions of dollars they owed to WWE.
Bloomberg Law is now reporting that WWE and the investors have being given approval to settle the case for $39 million. The settlement class consists of everyone who acquired WWE common stock from February 7, 2019 through February 5, 2020 and lost money as a result.
Judge Jed S. Rakoff gave his final sign-off on the settlement last Thursday in federal court in New York, having preliminarily approved it in March.