New Lawsuit Filed Against Vince McMahon
More shareholders are against McMahon's recent actions
A new lawsuit has been filed against Vince McMahon in relation to his return to WWE as Executive Chairman, according to a report from Sportico.
Detroit's Police and Firemen Retirement System sued McMahon last Thursday, seeking a declaration that would effectively block him from regaining control of WWE's Board of Directors and prevent him from expediting a sale of the company.
The complaint was filed in Delaware's Court of Chancery and requests that it be recognised as a class action on behalf of other WWE stockholders. It alleges that McMahon breached fiduciary duties as controlling stockholder by imposing his personal will on WWE and preventing the Board of Directors from making critical business decisions.
It is believed that the lawsuit could potentially slow down and complicate a sale of WWE.
Detroit's Police and Firemen Retirement System believe McMahon's rules violate section 141 of the Delaware General Corporation Law, as well as WWE's charter. A previous similar complaint was filed by a WWE stockholder named Scott Fellows earlier this month.
WWE did not respond to Sportico's request for comment.
Written by Lewis Howse
Features journalist for Cultaholic.com and script writer for the Cultaholic YouTube Channel.