Major Update On WWE ‘Breach Of Contract’ Dispute

WWE

A major update has emerged on the WWE and Panini “breach of contract” case that first emerged a couple of months ago.

WWE terminated its agreement with trading card partner Panini in August 2023, claiming Panini hadn’t fulfilled something that was part of the contractual agreement.

The violation that was claimed was actually in June 2022, so WWE waited over a year after the apparent violation to terminate the deal.

Panini argued that it believed it had fulfilled its deal and was blindsided by WWE’s decision to terminate.

WWE also claimed that after the termination, Panini was still selling products which was another violation, and wanted Panini to stop producing new WWE products, destroy all existing inventory, and pay over $5 million.

WWE’s deal with Panini was set to run into 2026, at which point Fanatics would have the rights to produce WWE products, but after the termination with Panini, the idea was for Fanatics to get rights immediately.

Earlier today (November 15), Paul Lesko, who’s been following the case, reported that WWE and Panini notified the court that they’d reached a settlement:

Pursuant to the Court’s Order, the parties certify that they have conferred live and in real time to discuss a potential resolution. Specifically, on October 3, 2023 Nick Khan (CEO, WWE), Mark Warsop (CEO, Panini America) and Elisabetta Mussini (Group Licensing Director, Panini S.p.A.) conferred by Zoom for approximately 30 minutes and on November 14 the same parties plus their counsel conferred by Zoom for approximately 30 minutes.

In addition, the parties exchanged settlement proposals and counterproposals on October 3, 2023, October 17, 2023, November 8, 2023, November 9, 2023, and November 13, 2023. Counsel for the parties were speaking regularly by phone throughout this period in connection with these proposals.

The discussions between the parties and their counsel have resulted in an agreement in principle. The parties are in the process of memorializing that agreement in a signed writing.

Later in the day, Brandon Thurston of Wrestlenomics reported that the case has officially been settled and dismissed without prejudice:

LORNA G. SCHOFIELD, District Judge:

WHEREAS, the Court has been informed that the parties have reached a settlement in principle in this consolidated case. Accordingly, it is hereby ORDERED that this action is dismissed without costs and without prejudice to restoring the action to the Court’s calendar, provided the application to restore the action is made within thirty (30) days of this Order. Any application to reopen filed after thirty (30) days from the date of this Order may be denied solely on that basis. Any pending motions are DENIED as moot, and all conferences and deadlines are CANCELLED.

We’ll keep you posted with any further updates at this link.

Want to watch Survivor Series 2023 live with the WrestleTalk crew? Join Sullivan, Luke, Dan Layton, Pete and more at the WrestleTalk Survivor Series Watch Party at the Long Arm Sports Bar & Pub in London. Get your tickets here before they sell out!!

• Fanatics
• Panini
• lawsuit
• wwe

Share this article with friends