What is the lawsuit varsity brands?

The complaint accused Varsity, which produces "All Star Cheer" events and also sells student apparel, of using "exclusionary contracts and anticompetitive loyalty programs" to stifle competition and drive up prices it charged to gyms to register for events and for spectators to watch them.

What is the lawsuit against Varsity Brands?

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 a copy of the agreement filed in the case.

What is the Varsity Brands scandal?

(Reuters) - Varsity Brands LLC has agreed to pay $43.5 million to resolve a federal lawsuit that the student apparel company and producer of cheerleading events abused its industry dominance, causing private gyms and spectators to pay artificially inflated prices.

What is the Varsity Brands Bain Capital lawsuit?

Bain Capital LP, its affiliate Varsity Brands LLC, and two competitive cheering organizations won dismissal of racketeering claims by a former cheerleader who said he was sexually abused by choreographers affiliated with Varsity.

Who bought Varsity Brands?

Bain acquired Varsity Brands in 2018 from private equity firms Charlesbank Capital Partners and Partners Group for around $2.5 billion, according to news reports at the time. Buyout firms have been actively seeking exits from apparel businesses this year.

Varsity Brands, Inc. v. Star Athletica, LLC Case Brief Summary | Law Case Explained

How much is Varsity worth?

In addition to offering cheerleading clothing and uniforms for sale, Varsity Spirit offers competitions, clinics, and educational camps. Bain acquired Varsity Brands in 2018 from private equity firms Charlesbank Capital Partners and Partners Group for around US $ 2.5 billion, according to news reports at the time.

How many employees does Varsity Brands have?

With more than 9,000 employees and sales partners, our reach spans across North America.

Why did Varsity get sued?

The complaint accused Varsity, which produces "All Star Cheer" events and also sells student apparel, of using "exclusionary contracts and anticompetitive loyalty programs" to stifle competition and drive up prices it charged to gyms to register for events and for spectators to watch them.

What is the varsity monopoly lawsuit?

The lawsuit involved allegations that the Varsity Defendants monopolized the All Star Cheer competition market and conspired with Defendant USASF to achieve that monopoly.

What is Bain Capital famous for?

Bain Capital is an American private investment firm based in Boston. It specializes in private equity, venture capital, credit, public equity, impact investing, life sciences, crypto, tech opportunities, partnership opportunities, special situations, and real estate.

Does Varsity Brands own BSN?

In 2004, BSN SPORTS entered Team sport sales with the key aquisition of the two largest independent team dealers in America: Dixie Sporting Goods and Kesslers Sporting Goods. In 2013, BSN SPORTS joined Herff Jones and Varsity Spirit to make up the Varsity Brands company.

Who is the executive team of Varsity Brands?

Does Varsity Brands own Herff Jones?

Varsity Brands Completes Sale of Herff Jones Graduation Business to Atlas Holdings.

Who has the biggest class action lawsuit?

Tobacco Settlement at $206 Billion

The largest-ever class action settlement was agreed upon in 1998 by Philip Morris, RJ Reynolds, and two other tobacco companies. Paid out annually over 25 years, the settlement covered the medical costs for smoking-related injuries for individuals in 46 US states.

Is Varsity cheer a monopoly?

Varsity possesses monopoly power in the market for cheer competitions, and it controls the USASF and all other rule-making organizations governing competitive cheer.

What is the NCAA lawsuit?

The antitrust lawsuit, filed by the states of Tennessee and Virginia in January, argues that the NCAA is violating the Sherman Act by unfairly restricting how athletes commercially use NIL.

What company is being accused of being a monopoly?

Amazon accused of being illegal monopoly in U.S. antitrust lawsuit.

What company was accused of being a monopoly in 1998?

Charges were brought against the company which was sued by the Department of Justice in 1998. The judge ruled that Microsoft violated parts of the Sherman Antitrust Act and ordered the company to break up into two entities. Microsoft appealed the decision, which was overturned.

Can you sue for monopoly?

Law Prohibiting Illegal Monopolies

Under federal and some state laws, private parties (businesses or consumers) who were harmed by anticompetitive conduct can bring antitrust lawsuits seeking damages (in some instance treble damages) and injunctive relief.

Is cheerleading a real sport?

Cheerleading is competitive, with athletic requirements rivaling those of other team sports. However, many athletic associations do not designate cheerleading as a sport, often resulting in less funding and resources.

What are the allegations against varsity cheerleading?

In 2020, Jerry Harris, a former Varsity-affiliated coach and star of the Netflix docuseries “Cheer,” was accused of soliciting sex from two minor all-star cheerleaders. (Id. at ¶ 132.) In 2022, Harris pleaded guilty to and was sentenced on two counts related to soliciting sex from a minor.

How big is Varsity Brands?

Varsity Brands CEO Adam Blumenfeld, left, and Terry Babilla, president of BSN Sports, one of Varsity's three businesses, at their main headquarters in Dallas. Varsity said it did $2 billion in sales last year and, despite the pandemic, was adding to its cash pile these past few months.

When was Varsity Brands founded?

Focused on safety, entertainment and traditional school leadership, Varsity Spirit's 5,000+ employees have been dedicated to celebrating school spirit through its brands since 1974. For more information about Varsity Spirit or Varsity Brands, please visit varsity.com or varsitybrands.com.

Who is the CFO of Varsity Brands?

John Hutchinson is the Executive Vice-President and CFO at Varsity Brands.