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Two former shareholders allege in federal court that an auto-racing video game creator swindled them out of more than $200 million in stock. In a complaint filed last month in the U.S. District Court for the District of Delaware, HC2 Holdings 2 Inc. and Continental General Insurance Co. allege majority shareholder Motorsport Games Inc. portrayed 704Games Co. as being unprofitable and bought out their shares for $1.2 million, then months later went public with shares trading at more than 170 times that buyout value. The latter company developed video games based on NASCAR racing. HC2 Holdings 2 Inc. v. Motorsport Games Inc., 1:21-cv-00165.
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By Stan Soocher
Can the settlement of a lawsuit by one profit participant in a TV production be used to increase the contingent compensation provisions of other profit participants in the show?
In-House Counsel Perspective on Negotiating Social Media Influencer Contracts
By Chris O’Malley
With the FTC amping up its scrutiny in the social media influencer space, in-house counsel has an opportunity to mitigate risk and help their companies get more bang for their influencer marketing buck.
Pursuing AI Programmers and Third Parties over Alleged Rights Violations Caused by AI Software
By Jonathan Bick
Because AIs are capable of causing harm but cannot be a legal entity, they are not held accountable by court action. Several current and future possibilities exist to resolve AI difficulties. Current options involve identifying indirect liability. Future options include but are not limited to changing the law to make an AI a legal person and/or changing the law to make AI programing an ultra-hazardous activity.
By Entertainment Law & Finance Staff
Notable recent court filings in entertainment law.
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