Varsity Brands has agreed to pay $43.5 million to settle an antitrust lawsuit brought on behalf of a class of all-star cheerleading gyms, according to Reuters.
Plaintiffs’ lawyers in a filing on Friday in US District Court for the Western District of Tennessee revealed the proposed deal resolving prospective class action claims against Varsity Brands and two affiliated business entities, including Memphis-based Varsity Spirit.
Bain Capital Private Equity bought Varsity Brands in 2018 for $2.5 billion, according to CNBC. Bain was not a defendant in the case.
The lawsuit was filed in 2020 by gyms that register teams participating in “All Star Cheer” events that Varsity produces. The events involve short performances featuring “pyramids,” tumbling and other components. Plaintiffs alleged Varsity used “exclusionary contracts and anticompetitive loyalty programs.”
Featured News
FTC to Approve Exxon’s $64 Billion Deal with Pioneer Resources, Excludes
May 1, 2024 by
CPI
UK Competition Watchdog Raises Alarm Over Nvidia’s ARM Takeover
May 1, 2024 by
CPI
Sen. Klobuchar Urges Regulators to Probe Collusion in Health Care Pricing
May 1, 2024 by
CPI
Multiple States Join Tennessee’s Antitrust Lawsuit Against NCAA Over NIL Rules
May 1, 2024 by
CPI
NY AG Joins Suit Challenging NCAA’s Restrictions on Student Athlete NIL Rights
May 1, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI