The Oklahoma Firefighters Pension & Retirement System has dropped its shareholder lawsuit against the WWE. Back in December they sued Vince McMahon and the WWE over their potential involvement with XFL.
The fund wanted access to records that detailed WWE’s involvement with the new XFL. They believed the WWE had diverted funds and/or resources from the WWE to the XFL. This was seen as a breach of commitment to WWE’s stockholders. The lawsuit was seeking to find out how Vince McMahon was keeping both companies separate.
The lawsuit was voluntarily dismissed on March 10th, 2020 according Wrestlenomics.
“Pursuant to Court of Chancery Rule 41(a)(1), Plaintiff Oklahoma Firefighters Pension and Retirement System hereby files this Notice of Voluntary Dismissal, dismissing the above-captioned case with prejudice, each side to bear its own costs and expenses,” the Notice of Voluntary Dismissal reads.
The OKLAHOMA FIREFIGHTERS PENSION AND RETIREMENT
— Wrestlenomics (@wrestlenomics) March 31, 2020
SYSTEM, v. WORLD WRESTLING ENTERTAINMENT, INC. lawsuit filed in COURT OF CHANCERY OF THE STATE OF DELAWARE regarding XFL was voluntarily dismissed on 3/10/20. pic.twitter.com/cR4unfAbJ7
It’s unknown what caused the lawsuit to be dropped. Here are the official documents.
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Zieborn, Sir
April 1, 2020 at 7:41 pm
Could it have been dropped because now is likely the worst possible time to be going after any financially solvent company in your fund, even if you suspect they did something wrong? I can’t imagine many pension funds want to see more of the companies they invested in bleed red ink right now.