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Consumer Law

WWE Shareholder Sues Returning Executive for Alleged Breach of Fiduciary Duty

A WWE shareholder has filed a lawsuit against Vince McMahon.

On January 10, WWE announced that McMahon had been unanimously elected the Executive Chairman of the Board, just a few days after he returned on January 6. He retired on July 22 amid a WWE board investigation into allegations of sexual misconduct and hush money. According to an SEC filing, alongside McMahon’s return, Alan M. Wexler, JoEllen Lyons Dillon, and Jeffrey R. Speed were removed from the board, while Man Jit Singh and Ignace Lahoud resigned. Additionally, Michelle Wilson and George Barrios returned to the board.

Mike Leonard of Bloomberg reports that a shareholder is suing McMahon in Delaware’s Chancery Court. The suit alleges that McMahon used his voting control on the WWE Board of Directors to replace them with “loyalists” and consequently make changes to the bylaws that would “impose his will on the board and WWE.” Leonard noted that a spokesperson for McMahon and WWE did not respond to a request for a comment.

Read the source article at yahoo.com

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