financetom
Economy
financetom
/
Economy
/
UFC to pay $335 million to settle fighters' wage-fixing claims
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
UFC to pay $335 million to settle fighters' wage-fixing claims
Mar 20, 2024 11:51 AM

(Reuters) - Ultimate Fighting Championship said on Wednesday that it has agreed to pay $335 million to settle class action lawsuits claiming it artificially suppressed wages of martial arts fighters and owed them potentially more than $1 billion.

UFC parent TKO Group Holdings disclosed the settlement in a Wednesday filing to the U.S. Securities and Exchange Commission. TKO is part of Endeavor Group.

UFC in a statement said the proposed settlement covers all pending claims against the promoter, "bringing litigation to a close and benefiting all parties." The organization has denied suppressing wages.

The lawsuits, first filed in 2015, alleged UFC abused its market power to acquire or block rival promoters and used exclusive contracts to keep fighters within the UFC. The fighters alleged the UFC suppressed their bout compensation.

Lawyers for the plaintiffs were expected to ask U.S. District Judge Richard Boulware in Las Vegas for preliminary approval of the deal in the coming weeks.

The plaintiffs had no immediate comment on the proposed settlement, which would avert a trial scheduled for April 15.

Boulware in August approved a class of fighters who competed in live professional UFC-promoted bouts in the U.S. between December 2010 and June 2017.

A U.S. appeals court declined to review Boulware's class certification order in November. UFC had argued that the order was based on erroneous claims that fighter compensation did not rise as fast as UFC's revenue.

The cases are Le v. Zuffa LLC, U.S. District Court for the District of Nevada, No. 2:15-cv-1045-RFB-BNW and Johnson v. Zuffa, same court, No. 2:21-cv-1189-RFB-BNW.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US household rent burden unchanged last year, varied by race, Census says
US household rent burden unchanged last year, varied by race, Census says
Sep 13, 2024
(Reuters) - The median cost of housing for both U.S. renters and homeowners rose last year and while the share of income renters put toward housing was unchanged overall the degree to which households were cost-burdened varied by race, the Census Bureau said on Thursday. More than 21 million renter households spent more than 30% of their income on housing...
Consumer Morale Hits 4-Month High, Inflation Expectations Ease: 'Partisan Gaps In Sentiment Inched Up'
Consumer Morale Hits 4-Month High, Inflation Expectations Ease: 'Partisan Gaps In Sentiment Inched Up'
Sep 13, 2024
The average American consumer is more optimistic than expected in September, data shows. According to the University of Michigan’s September Survey of Consumers, the consumer sentiment index rose to its highest level in four months, surpassing economic estimates. This surge reflects improvements in both current conditions and future expectations, driven by lower inflation worries and more favorable price conditions. See...
US consumer sentiment climbs to four-month high; import prices drop
US consumer sentiment climbs to four-month high; import prices drop
Sep 13, 2024
WASHINGTON (Reuters) - U.S. consumer sentiment rose to a four-month high in September amid expectations that inflation will continue moderating over the next year and household incomes improve, but views on the labor market weakened against the backdrop of slower job gains. The brightening inflation outlook was reinforced by other data on Friday showing import prices dropped by the most...
August CPI Is 2.5%
August CPI Is 2.5%
Sep 13, 2024
Today, we got the August Consumer Price Index (CPI) report which showed an overall increase of 2.5% for the last year and 0.3% for the month. That's below last month's 2.9% and consistent with expectations. The 0.3% monthly increase was above the 0.2% expected, and a bigger increase than last month's 0.2%. The Core CPI which excludes food and energy...
Copyright 2023-2025 - www.financetom.com All Rights Reserved