WWE is one step closer to having another legal issue off their lap thanks to their dealings with Saudi Arabia. They have been accused of hiding trouble with Saudi Arabian television deals and cashing in on stock prices and a $39 million lawsuit was settled. Now investors who sued the company have received approval for their huge settlement.

In November 2020, and SEC filing indicated that WWE settled a lawsuit for close to $39 million. This class-action lawsuit was led by the Firefighters’ Pension System of the Kansas City, Missouri Trust.

It was alleged that WWE hid the fact that their television deal with Saudi Arabia was coming along well. In reality they were nowhere near a deal because WWE was asking far too much. It was privately known that WWE was not securing a television deal despite keeping up that front. They also made it clear in the lawsuit that if it was known that WWE and Saudi Arabia were not close to a deal then their stock prices would not have been so high.

According to Bloomberg Law, the investors secured their final approval for the $39 million settlement in federal court that was handed own in federal court. The New York Judge of the Southern District Judge Jed S. Rakoff gave his sign-off for the settlement last week.

This is a big win, but it is only 18.2% of the damages that the lawsuit was originally seeking. It is still a huge settlement for WWE to agree to leaving many to wonder what they were trying to keep from coming out in a full case.

What’s your take on this huge lawsuit? Sound off in the comments!

Felix Upton

Felix Upton has been writing professionally since 1989. His first writing job was penning advertisements for local newspapers around New York. After selling his grandfather’s pinball repair shop back in 2017, he was hired on for publish news for Ringside News.

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