SFX settles multi-million $ Lawsuit

…SFX Entertainment has settled a lawsuit which alleged chairman and CEO Robert Sillerman stole their idea for the consolidated EDM promoter that became SFX. Paolo Moreno, a manager at Disco Donnie Presents; artist manager Lawrence Vavra; and Moreno’s brother, Gabriel Moreno joined SFX, Sillerman and Sheldon Finkel, SFX’s chairman of strategy and development, in reaching a settlement agreement on January 22.

Terms were not disclosed. However, in a statement to Billboard, Steven. N. Feldman from Hueston Hennigan LLP said the plaintiffs “are very satisfied with the settlement” and the conclusion came “less than two weeks before SFX and Mr. Sillerman were due to face trial.”

The Morenos and Vavra sued SFX, Sillerman and Finkel in 2014 in a U.S. District Court in Central California. The three men claimed to have entered a joint venture/partnership agreement with Sillerman and identified and facilitated seven of the eight major acquisitions that helped build SFX into EDM’s version of Live Nation. Sillerman allegedly reneged on an agreement to provide them equity in the new company…

Read more at: SFX, Sillerman Settle Lawsuit Accusing Sillerman of Stealing Idea Behind Company | Billboard