Dan Rafael summarized the lawsuit when it was filed in relevant part as follows:
Golden Boy Promotions sued bitter rival promotional powerhouse Top Rank, its chairman, Bob Arum, and chief financial officer David Lopez in federal court Tuesday, accusing them of racketeering and millions of dollars in fraud. Arum denied the allegations. The 23-page suit filed in U.S. District Court in Nevada, and obtained by ESPN.com, accuses Arum of a pattern of purposefully trying to hide millions of dollars Top Rank allegedly owes Golden Boy related to money generated from three Manny Pacquiao fights.Top Rank then filed a motion to compel arbitration pursuant to the Federal Arbitration Act, 9 U.S.C. §§ 2, 6 3 & 4, "on the grounds that (a) in June 2007, Top Rank and plaintiff Golden Boy Promotions entered into a term sheet agreement ("the Term Sheet"); (b) the Term Sheet is a valid agreement that involves and affects interstate commerce; (c) the Term Sheet contains several arbitration provisions, including one that says, '[t]he parties agree that Judge Weinstein shall have binding jurisdiction over any and all disputes arising out of this agreement'; (d) the Complaint in this matter alleges controversies arising out the Term Sheet; and, therefore, (e) the issues raised in the Complaint are 'referable to arbitration.'"
That motion was fully submitted (i.e. fully briefed) in November 2010.
On June 3, 2011 the parties filed a stipulation of dismissal of the action with prejudice that was so-Ordered on June 6, 2011.
As you may recall, earlier this month Pacquiao also settled his defamation lawsuit with Golden Boy.
Seems like the bad blood could be behind these two feuding promoters.
Hopefully, this means we will get to see some great fights.
Fight Lawyer
