Firefighters' Pension Fund Suing WWE Over Revived XFL Connection
An Oklahoma-based firefighters' pension fund and WWE stockholder is suing the wrestling body in an "attempt to get documents that would help determine the company's exact connections to the revived XFL," according to David Bixenspan of FORBES. Details of the suit -- first reported by Bloomberg Law on Friday -- surfaced last night when Wrestlenomics Radio "uploaded the complaints and exhibits" filed by the plaintiff, the Oklahoma Firefighters Pension and Retirement System, which "owns 107 shares (worth $6,867.26 as of this writing) of WWE stock in its portfolio." Among the suit's issues:
- Did XFL parent company Alpha Entertainment, which is wholly owned by WWE Chair & CEO Vince McMahon, "pay fair market value to WWE for the intellectual property of the original XFL, which included giving WWE a percentage of the company?"
- Is Alpha "paying WWE fair market value for the support services that WWE is providing as part of that deal?"
- Did McMahon and WWE, including WWE's lawyers, "act in a way that was not in WWE's best interests?" (FORBES.com, 12/31).