Vince McMahon Paid $1.65 Million Over Shareholder Lawsuits

After forcing his way back into the company in January 2023, Vince McMahon found himself at the mercy of two lawsuits after WWE shareholder Scott Fellows and the Detroit Police and Firemen Retirement System alleged in separate lawsuits that the 77-year-old breached his fiduciary duties as controlling shareholder by imposing his will on WWE and stopping the Board of Directors from making critical business decisions. 

The lawsuits were filed after McMahon amended company bylaws to allegedly restrict the power of the Board of Directors. McMahon would repeal his changes to the bylaws on January 16. The plaintiffs in the two lawsuits then filed to dismiss the lawsuits, a request which was granted, but the court reserved jurisdiction for an application on attorneys' fees and expenses in a motion that was granted on January 25. 

An SEC filing has revealed that McMahon agreed to pay $1.65 million in attorneys' fees to the plaintiffs' counsel following "arms-length negotiations." 

Another lawsuit against Vince McMahon over WWE's investigation into the sexual misconduct and hush money allegations against him was recently dropped, but a racial discrimination lawsuit filed by a former WWE writer with McMahon, WWE and others named as defendants remains active.