business
Former Live Nation Executive Sues Company Over Alleged Wrongful Termination
A former executive at Live Nation has filed a lawsuit alleging wrongful termination after raising concerns about financial misconduct. The suit seeks $35 million in damages and follows a recent jury finding of monopoly practices by the company. Live Nation representatives were not immediately available for comment.
Apr 23, 6:29 PM·1m read1 source
Los Angeles TimesAudio version
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A former executive at Live Nation has filed a lawsuit in Los Angeles County Superior Court, alleging that he was wrongfully terminated after raising concerns about the company's financial practices. Nicholas Rumanes stated in the lawsuit that he was hired in 2022 as executive vice president of development and business practice, leaving a position at a real estate investment trust.
to the lawsuit, Rumanes raised concerns about alleged financial misconduct, including inflated projected revenues across multiple venue development projects. The suit describes these practices as part of a company-wide pattern of financial misrepresentation and misleading disclosures. Rumanes alleges he was fraudulently induced to join the company and was terminated for addressing these issues.
The lawsuit was filed on Thursday and seeks $35 million in damages. It follows a federal jury decision in Manhattan one week earlier, which found that Live Nation and its Ticketmaster subsidiary operated a monopoly over major concert venues, controlling 86% of the concert market.
In 2010, as part of the Live Nation-Ticketmaster merger, the company agreed to a consent decree prohibiting threats to venues to use Ticketmaster. In 2019, the Justice Department found repeated breaches of the agreement and extended the decree. Representatives for Live Nation were not immediately available for comment.
