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TWO LAWSUITS FILED OVER ENDEAVOR PURCHASE OF WWE

Bloomberg Law reported a new lawsuit was filed under seal on 11/17 (unsealed on 11/22) in Delaware by a Ohio Pension Fund against Vince McMahon, Nick Khan, Paul Levesque, Michelle Wilson, George Barrios, Frank Riddick, and Steve Koonin. 

The lawsuit states that McMahon "maneuvering to secure his power and control over the company in the face of mounting stockholder discontent and government investigations" spurned higher offers in favor of a deal with Endeavor CEO Ari Emanuel, his “longtime friend” that would keep him in charge of his wrestling empire. A board stacked with loyalists then conjured up "a sham sales process"  designed to favor Endeavor and exclude other bidders seeking to axe McMahon. 

The lawsuit also took aim at the multi-million payouts given to Khan, Levesque and Riddick. Bloomberg Law also mentioned that there was another lawsuit filed by Dennis Palkon, who previously sued McMahon over his return to WWE, on 11/20 which is still under seal. 

A copy of the lawsuit can be read at https://www.bloomberglaw.com/public/desktop/document/LaborersDistrictCouncilandContractorsPensionFundofOhiovVincentKMc?doc_id=X107IFNCTKQ91RR9A6JDUE6HLHE

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