By Winston Cho, Hollywood Reporter | Live Nation has settled a lawsuit from investors who claimed that they were misled about the scope of the company’s legal vulnerability tied to allegedly anticompetitive business operations that led to the Justice Department filing an antitrust lawsuit that seeks to break up the Ticketmaster parent.
Lawyers for both sides on Friday informed the court of a $20 million deal to settle the proposed class action. The deal represents a “fair, reasonable and adequate” resolution to the case, the filing stated.
Investors filed the lawsuit in 2023 accusing the live events juggernaut of lying to them about conduct related to charging bloated fees, bundling services and retaliating against venues that choose a ticketing service provider other than Ticketmaster. It followed reports that federal prosecutors had opened an antitrust investigation into Live Nation after the ticketing platform’s systems crashed during a highly-anticipated presale for Taylor Swift tickets in what became a flashpoint over the company’s power over the live music industry.
The complaint pointed to a series of allegedly false or misleading statements issued by Live Nation over antitrust scrutiny about its business practices. . . .
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https://www.hollywoodreporter.com/business/business-news/live-nation-reaches-20m-deal-settle-investor-lawsuit-antitrust-concerns-1236171397/