Motorsport Games settles shareholder lawsuit for $1.1M; pays in installments

Motorsport Games Inc.

Settlement requires Motorsport to pay $1,100,000 to Continental General Insurance Company.
Initial payment of $91,667 within 12 business days, then $42,013 every 30 days until paid.
Claims will be dismissed with prejudice; individual defendants have no personal payment obligation.
Company denies all wrongdoing; settlement avoids expense and uncertainty of continued litigation.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Motorsport Games Inc. entered into Settlement Agreement with Continental General Insurance Company valued at $1,100,000 (effective 2023-01-11).

Action: entry
Agreement: settlement
Counterparty: Continental General Insurance Company
Value: $1,100,000
Effective: 2023-01-11

Exact text from the filing

On January 11, 2023, the Company and other defendants in this action entered into a settlement agreement (the “Settlement Agreement”) with one of the plaintiffs, Continental General Insurance Company (“Continental”), to settle the claims made by Continental against the defendants and the claims made by the defendants against Continental.

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Motorsport Games Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-001790

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