Want more wrestling news, rumors, and results? Be sure to visit PWInsider.com and PWInsiderXtra.com.
Sportico.com reported this morning that the Police and Fire Retirement System of Detroit, Michigan (shareholders in WWE) filed a lawsuit against Vince McMahon on Thursday 1/12 over McMahon’s return to the company.
The lawsuit, according to Sportico, is “seeking a declaration that would effectively block the 77-year-old billionaire from regaining control of WWE’s board of directors and prevent him from expediting a sale.”
The lawsuit alleges that McMahon breached fiduciary duties as controlling stockholder by trying to “impose his personal will on WWE and its [board] by purporting to adopt a package of invalid and inequitable bylaw amendments that would hamstring the Board from making critical business decisions.”
The lawsuit is very similar in terms of allegations as to the one made by WWE shareholder, Scott Fellows earlier this month.
The lawsuits may explain why McMahon has rescinded the amendments he recently made to WWE's by-laws.
If you enjoy PWInsider.com you can check out the AD-FREE PWInsider Elite section, which features exclusive audio updates, news, our critically acclaimed podcasts, interviews and more by clicking here!
Bang On Casino
