A North Carolina federal judge will allow NASCAR to subpoena the financial records of 12 chartered racing teams to defend itself in a lawsuit that accuses the organization of antitrust violations, but left safeguards in place. https://t.co/4GIxQwQsB5
A Delaware vice chancellor denied Chemours' bid to keep confidential details about internal document controls in a redacted derivative suit seeking damages arising from an alleged $575 million manipulation of company reports. https://t.co/j20ROyQnir https://t.co/pFyjg4oPCu
The Associated Press reports that a former #NASCAR Cup owner has an agreement to purchase Rick Ware Racing https://t.co/I81P1g2H0Y
A federal lawsuit involving NASCAR and two racing teams, 23XI Racing and Front Row Motorsports (FRM), has seen a series of legal developments in North Carolina. U.S. District Judge Kenneth Bell denied the motion by 23XI Racing and FRM to dismiss NASCAR's counterclaim alleging illegal collusion by the teams to secure better charter terms. The judge indicated that these challenges are more appropriately addressed at summary judgment with a more developed factual record. NASCAR also subpoenaed financial information from 12 other NASCAR chartered teams not involved in the lawsuit, seeking data dating back to 2014, including total revenue, costs, and net profits. These non-suing teams opposed the subpoena, arguing it was overly broad and intrusive. Judge Bell ruled that these teams must provide limited, top-line financial data in a manner they proposed, with access restricted to attorneys and their experts to protect confidentiality. The ruling aims to balance NASCAR's need for financial data to defend itself against antitrust claims while protecting proprietary information of the non-suing teams. Additionally, INDYCAR filed a motion in Indiana federal court to prevent NASCAR from deposing its president Doug Boles in relation to the case, citing the burdensome nature of the deposition and the competitive relationship between the organizations. Separately, T.J. Puchyr, co-founder of Spire Motorsports, has agreed to purchase Rick Ware Racing's NASCAR Cup Series program, planning to expand it into a three-car team. This acquisition follows ongoing legal disputes involving Rick Ware Racing. The case remains active, with Judge Bell admonishing the parties for not settling and signaling readiness to oversee proceedings through December if necessary.