Wednesday, May 15, 2024

Bain Capital and its cheerleading company "agreed to pay $82.5 million to settle a class action lawsuit"


In addition to the financial terms, Varsity Spirit has agreed to do away with certain programs that the plaintiffs alleged harmed market competition. For example, cheerleaders have previously been required to attend Varsity-run cheer camps to be eligible to compete in Varsity’s year-end national championships. Per the settlement, Varsity would no longer make this a requirement.

Similarly, the settlement’s prospective relief would address Varsity’s “Stay Smart” policy that requires cheer teams participating in Varsity events to stay at certain area hotels, which the plaintiffs alleged Varsity received kickbacks from. 


[The settlement] comes almost exactly a year after Varsity agreed to pay $43.5 million to settle another antitrust suit