Varsity Brands LLC has reached an agreement in principle to resolve antitrust litigation over its alleged plan to dominate the sport of competitive cheerleading.
The Bain Capital LP subsidiary, which sells sportswear and sponsors major cheerleading competitions, filed a joint settlement notice Tuesday with the gyms leading the proposed class action lawsuit on behalf of the direct buyers. The filing in the US District Court for the Western District of Tennessee did not contain any details.
“The parties are drafting a formal settlement agreement and anticipate that the plaintiffs will file a motion for preliminary approval” in “the near future,” he said.
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