After retiring from the WWE last July and stepping down from his duties as the CEO, Chairman and Head of Creative due to paying nearly $20 million in previously unrecorded expenses, almost $15 million of which were hush money for the sexual misconduct allegations he received from four women over the past 16 years and $5 million of which to the now-defunct foundation of former U.S. President Donald Trump, Vince McMahon forcibly made his way back to the company, returned to the Board of Directors and would ultimately be named the Executive Chairman of the Board.
A number of law firms issued press releases last summer, where it was noted that they have considered bringing a class-action lawsuit against the WWE following the Vince McMahon hush money scandal. These firms noted that they were investigating the WWE for “violations of the securities laws” on behalf of their investors and were focused on “whether WWE and/or the company’s officers and directors violated the securities laws or breached their fiduciary duties in connection with the alleged misconduct” and the press release was based on the Wall Street Journal reports regarding Vince’s hush money scandal.
Some of those law firms include Kaskela Law LLC, Scott+Scott, Rosen Law Firm, Schall Law Firm, Brager Eagel & Squire, Labaton Sucharow, Moore Kuehn PLLC, Pomerantz Law Firm, Bronstein, Gewirtz & Grossman and Kahn Swick & Foti, LLC. Another law firm has come forward and has joined the first few firms that were investigating WWE for “violations of the securities laws” on behalf of the promotion’s investors and this law firm is considering bringing a class-action lawsuit against the WWE following the recent Vince McMahon scandal similar to the first few law firms.
This law firm is Pomerantz LLP, who recently announced that they’re looking into potentially filing a lawsuit against McMahon. As previously reported, in June of 2020, Scott+Scott filed a WWE shareholder derivative suit and now that Vince returned to the company’s Board of Directors, the lawsuit may move forward because Scott A. Fellows believes that Vince McMahon illegally had himself voted as the WWE’s Chairman. Detroit’s Police and Fire Retirement System also filed a lawsuit against Vince after he was voted back onto the WWE’s Board of Directors to become the Executive Chairman and their lawsuit is to make sure Vince McMahon won’t regain control of the WWE and selling the company.
