Vince McMahon Sued By Detroit Police & Fire Retirement System

Vince McMahon Sued By Detroit Police & Fire Retirement System WWE

Another lawsuit has been filed against WWE majority owner and Executive Chairman Vince McMahon, this one by the Detroit Police & Fire Retirement System.

According to Sportico, the suit, filed in Delaware’s Court of Chancery on January 12, seeks a declaration that would “effectively block” McMahon from regaining control of WWE’s Board and prevent him from leading a sale of the company.

The Detroit Police & Fire Retirement System also requested the suit be treated as class action.

The lawsuit accuses McMahon of trying to “impose 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 suit alleges that McMahon’s actions go against Section 141 of the Delaware General Corporation Law and WWE’s charter.

The suit was filed before Vince McMahon repealed all January 5 amendments in a new filing yesterday (January 16), as well as stating that he no longer requires stockholder approval for his actions. All further news regarding Vince McMahon can be found at this link.

Paul Levesque (Triple H) told WWE talent in a meeting before SmackDown on January 13 and before Raw on January 16 that nothing would change on the creative side of things and he would still be the person heading that up.

He did say he and McMahon “may have discussions”, but Levesque is the one making final decisions.

However, it’s worth remembering that WWE did hold a meeting with employees (not talent) a week earlier and the message was “business as usual” and that no management would be changing, and then Stephanie McMahon resigned just days later, so it seems even what’s being said in the meetings is a fluid situation and things may change.

On January 6, using his power as majority owner, Vince McMahon put himself and former WWE presidents George Barrios and Michelle Wilson back on the company’s Board of Directors, disposing of JoEllen Lyons Dillon, Jeffrey R Speed, and Alan M Wexler in the process.

McMahon had stated that his intention was to facilitate a sale of the company.

He changed bylaws to ensure that no sale or media rights deal could be completed without his approval.

Upon McMahon’s return, two further Board members resigned of their own volition, those being Man Jit Singh – who was the one heading up the Board’s investigation into McMahon – and Ignace Lahoud.

Stephanie McMahon then resigned from her role as co-CEO and Chairwoman and her position on the Board on January 10, as Vince McMahon was elected Executive Chairman.

On January 15, Dave Meltzer of the Wrestling Observer reported that Vince McMahon was back in his office and had been “suggesting changes” to different departments.

On January 17, WWE made a new SEC filing stating that, as of January 16, Vince McMahon no longer needs stockholders’ approval for his actions.

There has been much speculation that Vince McMahon was looking to sell to a party that would commit to keeping him in charge of the company despite the multiple sexual assault allegations that have surfaced in the past year that led to his initial ‘retirement’ in July.

You can keep up with all the latest news and updates on a potential WWE sale by clicking here.

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1 year ago by Liam Winnard

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