Live Nation to Pay $20M to Settle Class Action Investor Lawsuit

Live Nation has reached a $20 million settlement with investors in a class action lawsuit who claimed that they were misled about the company’s legal woes, leading to an antitrust lawsuit by the Department of Justice aiming to break up its ties with Ticketmaster over its anticompetitive and monopolistic practices.

On Friday, lawyers for both sides informed the court of a $20 million deal to settle the proposed class action, which represents a “fair, reasonable and adequate” resolution, according to a court filing. Lawyers said that they had agreed to settle the case because of the “substantial financial benefit” of the deal and pointed to “the significant risks and costs of continued litigation and trial.”

The entertainment giant said that the deal eliminates “uncertainty, burden, and expense of further protracted litigation” and noted that “Defendants expressly deny that Lead Plaintiffs asserted any valid claims as to any of them, and expressly deny any and all allegations of fault, liability, wrongdoing, or damages whatsoever.”

The class action lawsuit includes investors who had purchased shares from February 23, 2022 to May 22, 2024 — resulting in losses. The suit named Live Nation CEO Michael Rapino and chief financial officer Joe Berchtold, alleging that the company violated the Securities Exchange Act, which prohibits misleading omissions relating to securities transactions.

The lawsuit said that the company officers also failed to disclose that, as a result of this alleged conduct, “Live Nation was reasonably likely to face regulatory scrutiny, fines, penalties and reputational harm.” The court found that Live Nation misled investors, saying their revenue growth was “a reflection of the quality of the Ticketmaster platform and its continued popularity with clients across the globe.”

Last year, the court denied Live Nation’s bid to dismiss the lawsuit, and shortly after, the Justice Department filed an antitrust lawsuit against the company.

The government’s lawsuit, filed last year alongside more than 30 states, alleges that Live Nation illegally monopolized the live events industry following its merger with Ticketmaster more than 15 years ago. According to the suit, the company controls more than 265 concert venues across North America, manages over 400 musical artists, and handles ticketing at 80% or more of major concert venues. The DOJ is seeking to unwind the 2010 merger.

Live Nation has denied any wrongdoing and asked the court to throw out the case, arguing it has no obligation to provide access to its own venues for competing ticketing platforms. Such motions to dismiss are common in antitrust litigation, though they rarely succeed when the suit is brought by the government.

A trial date is set for 2026.