As a seasoned moviegoer who’s seen more than a few bouts of Rocky and Creed, I can’t help but draw parallels between the world of MMA and the silver screen. The latest news about UFC’s revised settlement in the class-action lawsuit is like watching a dramatic twist in a blockbuster film.
The Ultimate Fighting Championship (UFC) is seeking approval from the court for a fresh $375 million settlement in a class action lawsuit initiated by ex-fighters, who claim that the mixed martial arts promoter infringed upon antitrust regulations.
In the updated agreement for the major lawsuit between Le and Zuffa (the company that owns UFC), TKO Group is now required to pay $375 million to the plaintiffs, an increase from the previously agreed upon $300 million. These plaintiffs are involved in the Le legal action.
The news follows Judge Richard Franklin Boulware II’s rejection of TKO’s proposed $335 million settlement between UFC and fighters in two separate lawsuits (Le v. Zuffa and Johnson v. Zuffa) in July, where 90% of the sum was intended for plaintiffs in the Le case. As for the Johnson case, TKO Group stated on Thursday that the process is still in its initial stages, with a motion to dismiss the complaint yet to be resolved.
I’m announcing that TKO Group and the Plaintiffs have amended our agreement to resolve the Le case. The new terms, as we see it, address Judge Boulware’s expressed issues. Initially, we found the settlement to be fair, a viewpoint echoed by the Plaintiffs. However, for the benefit of all parties involved, we believe it is prudent to bring this legal dispute to an end.
Last Thursday, TKO submitted an 8-K form to the SEC, announcing they’ve reached a $375 million settlement with the plaintiffs in the Le case. This agreement, referred to as the ‘Updated Settlement Agreement’, will be paid out in installments over a set timeframe by TKO and its subsidiaries. This new deal comes after the court rejected an earlier proposed settlement. The details of this updated agreement have been recorded in a comprehensive document, which is now being presented to the court for approval. TKO anticipates that this settlement amount will be eligible for tax deductions.
For almost a decade, lawsuits have been filed claiming that Zuffa, the previous company in charge of operating UFC, broke antitrust regulations. These claims state that Zuffa underpaid UFC fighters for their work and suppressed or harmed other mixed martial arts promoters in the process.
Back in 2014 through early 2015, Zuffa found itself at the heart of five interconnected class-action lawsuits. These legal battles were combined into a single case in June 2015 under Le et al. v. Zuffa. Fast forward to June 2021, and former UFC fighters Kajan Johnson and C.B. Dollaway stepped up with a proposed class-action antitrust lawsuit against Zuffa and Endeavor – Johnson et al. v. Zuffa. Their claims echo those of the earlier suits, accusing UFC of unlawful anti-competitive practices. As a movie reviewer, I’d say this storyline is far from over and keeps me on the edge of my seat!
Last year, TKO Group came into being as a result of a merger between UFC and WWE, led by Endeavor. Currently, Endeavor holds the largest share in TKO.
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2024-09-26 17:17