UFC Pays Up in Multi-Billion Dollar Settlement: Controversy Shadows Victory
UFC Dodges Court Battle with Multibillion Settlement
The Ultimate Fighting Championship’s parent company, TKO Group Holdings Inc., has successfully reached a settlement in a lawsuit that was poised to go to trial. Initially scheduled to face the court on April 15, UFC’s owners have managed to settle with a group of about 1,200 former fighters. The lawsuit demanded damages ranging from $894 million to $1.6 billion.
Breaking News in the MMA World
On March 13, an agreement was reached between TKO Group Holdings Inc. and the group of ex-fighters, which was made public only yesterday. The details of the settlement, apart from a $335 million payment, remain undisclosed.
Key Details of the Settlement
It is anticipated that more information will be revealed soon, but two significant aspects of the payment have been confirmed: the payment will be deductible, and it will be made over an extended period.
A Unified Legal Battle
The legal action consists of five applications filed between 2014-2015, which were eventually merged into one case (Le, et. al), along with another case filed in 2021 (Johnson, et. al).
Group’s Statement on Social Media
The group expressed satisfaction with the settlement on social media, stating they would disclose more details after submitting the necessary documents to the court within 45-60 days.
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“We are pleased with the settlement and will reveal more once we file everything with the court within 45-60 days,” wrote the group on social media, shortly after the news became public.
“We are pleased to have reached an agreement to resolve all claims made in both Le and Johnson’s class action lawsuits, ending the dispute and benefiting all parties. The final terms of the settlement will be submitted to the court for approval,” UFC expressed through MMA writer Kevin Iole.
We are pleased with the settlement and will disclose more when we file with the Court in 45-60 days.
We Love All of these guys!
— MMAFA (@MMAFA) March 20, 2024
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UFC Responds to Settlement
UFC was accused of violating the Sherman Antitrust Act by engaging in contracts and business practices that allegedly limited the fighters’ ability to negotiate and explore other options, effectively granting them a monopoly. UFC has expressed contentment with reaching a settlement that resolves all claims in both the Le and Johnson group lawsuits.
Stock Market Reaction
Following the announcement of the settlement, TKO Group Holdings Inc.’s stock experienced a surge, increasing by over five dollars in less than an hour.
