Live Nation settles lawsuit over claims it misled investors about legal risks

Live Nation has agreed to a $20-million colony with investors implicit claims the institution didn’t disclose the risks of concern practices that exposed the steadfast to national antitrust action.

Representatives for Live Nation declined to remark connected the settlement.

The colony comes aft a 2023 class-action suit accused the Beverly Hills performance promotion elephantine of lying astir concern practices including charging precocious fees, work bundling and retaliation against venues that utilized a non-Ticketmaster ticketing service. Those practices, the suit claimed, exposed the institution to ineligible risks, including a Justice Department probe pursuing Taylor Swift’s Eras Tour on-sale debacle, which aboriginal led to a national antitrust suit calling for the interruption up of Live Nation, the genitor institution of Ticketmaster.

The class-action suit claims that Live Nation misled investors erstwhile it said it “does not prosecute successful behaviors that could warrant antitrust litigation, fto unsocial orders that would necessitate it to change cardinal concern practices.” Investors should person been told these practices whitethorn “incur regulatory scrutiny and look fines, penalties, and reputational harm,” the suit claimed.

In 2019, the Justice Department said that Live Nation had violated the presumption of its 2010 merger with Ticketmaster by mandating venues usage Ticketmaster’s ticketing level if they wanted to publication Live Nation performers and retaliating against venues that declined.

The class-action suit included investors who bought Live Nation shares from Feb. 23, 2022, to May 22, 2024, and incurred losses. In the Friday filing, some sides called the colony a “fair, tenable and adequate” resolution.