The Wall Street Journal: WWE board probes secret settlements over claims of misconduct by CEO Vince McMahon

0
10

The board of World Wrestling Entertainment Inc. WWE, +4.95%  is investigating a secret $3 million settlement that longtime chief executive Vince McMahon agreed to pay to a departing employee with whom he allegedly had an affair, according to documents and people familiar with the board inquiry.

The January 2022 separation agreement bars the now-former employee, who was hired as a paralegal in 2019, from discussing her relationship with McMahon or disparaging him, the people said.

The board’s investigation, which began in April, has unearthed other, older nondisclosure agreements involving claims by former female WWE employees of misconduct by McMahon and one of his top executives, John Laurinaitis, the head of talent relations at WWE, the people said. The Journal couldn’t determine how many previous agreements were being scrutinized.

The board’s outside counsel was still collecting information about the other NDAs this week but has determined that the payments totaled in the millions of dollars, the people said.

The board’s eight independent directors have retained New York-based law firm Simpson Thacher & Bartlett LLP to conduct the investigation, one of the people said. The board’s preliminary findings are that McMahon used personal funds to pay the former female employees who signed the agreements, including the one involving allegations against Laurinaitis, this person said.

An expanded version of this report appears on WSJ.com.

Also popular on WSJ.com:

Fed’s stern message amplifies worries about stock valuations.

The Delta airport lounge puts passengers on the clock.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleFDA committee recommends two COVID-19 vaccines for young children
Next articleBaby formula shortage: FDA approves imports for Mead Johnson’s Enfamil

LEAVE A REPLY

Please enter your comment!
Please enter your name here