All-Star Varsity owners settle lawsuit for $82.5 million 💰

[TheCheerBuzz]

Check out our “lawsuits & investigations“ page. Find previous newsletters talking about Varsity & USASF lawsuits, gyms being sued, Rockstar Cheer investigations & more.

Varsity and Bain Capital (the company that owns Varsity*) have agreed to settle one of the many lawsuits against them. Here’s some of what was reported:

“Bain Capital, its cheerleading company Varsity Brands and Varsity’s previous owners have agreed to pay $82.5 million to settle a class action lawsuit brought on behalf of cheerleading consumers, or “indirect purchasers,” who accused the defendants of intentionally monopolizing or conspiring to monopolize the cheer competition, camps and apparel markets.“

“In an email statement, a Varsity spokesperson said the company was “pleased” to have reached an agreement. The spokesperson added: “This agreement is not an admission of any wrongdoing or liability, and we are confident that Varsity Spirit acted appropriately and in the best interest of our sport.”https://www.sportico.com/leagues/ot...ust-settlement-cheerleading-jones-1234778879/

Read the full article here.

*Bain Capital is the current owner of Varsity Brands, however, they are reportedly thinking of a possible sale of Varsity Brands (at a $6 billion valuation…) Learn more here.