By Sabela Ojea
World Wrestling Entertainment’s Executive Chairman Vincent McMahon has agreed to pay $1.7 million to settle a shareholder lawsuit related to his return as executive chairman of the company.
Mr. McMahon agreed to make the payment to plaintiffs’ counsel to cover attorneys’ fees and expenses, the entertainment and media company said in a U.S. securities filing Friday.
On January 10, television producer Scott Fellows filed a direct class action against Mr. McMahon accusing him of breaching his fiduciary duties by executing a written consent to amend certain corporate bylaws to allegedly restrict the power of the company’s board of directors.
Earlier in January Mr. McMahon, the WWE’s former CEO, elected himself executive chairman of the group, and added two former company executives to the board.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix
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