Detroit police and fire pension board sues WWE, Vince McMahon as shareholders
Detroit fire and police pension board sues WWE and wants Vince McMahon gone
In a 33-page class-action complaint filed against Vince McMahon and WWE, Detroit's pension board alleges that the 77-year-old McMahon, who has owned 81% of WWE since 1982, left the company in July of last year after he allegedly paid $12 million in secret settlements to accusers dating back to 2006.
DETROIT (FOX 2) - The City of Detroit's police and fire retirement system is suing Vince McMahon, the chairman of World Wrestling Entertainment.
The pension board for the city's police and fire has about $2.8 billion in its fund, however, $100,000 of that is invested in the WWE - making it a shareholder. Some members of it are upset that McMahon - who faced allegations of sexual assault - has gotten his position back as company chairman.
"What I want Vince McMahon to do, is for Vince McMahon to leave the company," said Councilman Coleman Young, who sits on the pension board.
Young is an ex officio member of the police and fire retirement board for the city of Detroit. And yes, part of the investments for the pension funds of Detroit's police officers and firefighters- is invested in the WWE.
FOX 2: "Is this wrestling a good investment for the Detroit police and fire pension?"
"Absolutely," Young said. "It's one of the great American companies. I think the problem is the behavior of Vince McMahon."
In a 33-page class-action complaint filed against Vince McMahon and WWE, Detroit's pension board alleges that the 77-year-old McMahon, who has owned 81% of WWE since 1982, left the company in July of last year after he allegedly paid $12 million in secret settlements to accusers dating back to 2006.
But the complaint alleges that McMahon used his controlling shareholder interest to fire three board members, change the bylaws, and put himself back in charge.
"I personally think that any time you hear the words sexual assault and rape, you need to stop what you're doing and disassociate yourself from that person in your company," Young said. "And now he's trying to sell the company, illegally I believe, to the Saudis one, but also to the Khans who also own AEW, a competitor to WWE in terms of wrestling."
Young is referencing to Tony Khan, whose family owns -Flex-N-Gate auto parts and the Jacksonville Jaguars football team. And some wrestling fans are not happy with all this litigation.
"Whether it be The Rock or Triple H, I'm a gigantic fan," Young said, "(Chris) Jericho, Daniel Bryan, I am a huge wrestling fan. It's breaking my heart here to see this."
In a statement from the Police and Fire Retirement System board, they said, "It is not the money, it is the principal of fiduciary responsibility.":
FOX 2 is still waiting for a response from the WWE or Vince McMahon.
