Detroit Police and Fire Retirement System Affects WWE Board of Directors
Is Vince McMahon sued?: With the return of Vince McMahon in WWE several new speculations are arising everyday, but this time a…
Is Vince McMahon sued?: With the return of Vince McMahon in WWE several new speculations are arising everyday, but this time a shocking news has come to limelight. Follow WWE News and Updates with InsideSport.IN
Recently, Vince McMahon made his return into the WWE universe and with his return his daughter who was Co-CEO and chairwoman of the board, resigned. Vince McMahon returned and took the position of executive chairman of the company. Meanwhile, with his return several speculations are arising. There are speculations that Vince McMahon returned to make a potential sale of the company. Also, there were reports that with his return he is also suggesting changes for the company.
So with Vince McMahon’s return to WWE nothing was going on the right track when a news came to limelight, that another lawsuit has been filed against the executive chairman of the company.
According to Sportico, Detroit’s Police & Fire Retirement System has sued WWE executive chairman Vince McMahon, seeking a declaration that would effectively block Vince McMahon from regaining control of WWE’s board of directors & prevent him from making a potential sale.
Detroit’s Police & Fire Retirement System has sued WWE executive chairman Vince McMahon, seeking a declaration that would effectively block the 77-year-old from regaining control of WWE’s board of directors & prevent him from expediting a sale.https://t.co/T9BEBvU1ek pic.twitter.com/iYVrzR6rBN
— Wrestle Ops (@WrestleOps) January 17, 2023
There has also been a request to identify the complaint as a class action lawsuit on behalf of other stockholders of the board. This might slow the process of sale of the company.
According to the lawsuit, the executive chairman has “imposed his personal will on WWE and its board by purporting to adopt a package of invalid and inequitable bylaw amendments that would hamstring the Board from making critical business decisions.” The lawsuit also argued that Vince McMahon has breached fiduciary duties as controlling stockholder of the company.
This lawsuit is filed in Delaware’s Court of Chancery and can remove McMahon from the position of executive chairman of the board.
However, this might be difficult to execute as Vince McMahon has already regained his control over the company’s board of directors. But we are yet to know the outcome of this matter.
Well, look who’s in trouble! ?
Vince McMahon is being sued by a WWE shareholder claiming he used his 81% voting power to impose his will on WWE illegally.
This class action lawsuit is called a “breach of fiduciary duty” which can get him removed as Chairman of the Board. pic.twitter.com/kVpyjj6VoW
— Just Alyx (@JustAlyxCentral) January 11, 2023
Let us know, what do you think?
Also Read: Vince McMahon Returns: WWE Rules Set to Undergo Changes. More Updates
Vince McMahon Sued: Detroit Police and Fire Retirement System Affects WWE Board of Directors
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