The Rams and the NFL have agreed to pay about $800 million to settle a lawsuit over the team’s departure from St. Louis.
The settlement enables Rams owner Stan Kroenke to avoid the spectacle of a St. Louis trial next month, just before the Super Bowl at Kroenke’s showcase stadium in Inglewood.
The St. Louis Post-Dispatch, which first reported the settlement, said the figure was $790 million. The Times confirmed the settlement with a party familiar with the case who wasn’t authorized to speak publicly, who put the figure in “the $800-million range.” The Post-Dispatch reported the settlement was all cash — with no expansion team included for St. Louis — and said an announcement was expected later Wednesday.
Sept. 4, 2020
With the addition of tax revenue St. Louis lost when the Rams moved, damages could have topped $4 billion, independent of any punitive damages.
The NFL appeared resigned to losing before a hometown jury but confident it could be successful on appeal, at least in having the damages significantly reduced. The NFL’s risk was losing now; the city’s risk was losing later.
Before NFL owners approved the Rams’ move, Kroenke signed an indemnification agreement that obligated him to pay the “costs, including legal fees and other litigation expenses,” to defend any challenge to a move.
Kroenke had informed his fellow owners he does not believe the legal “costs” covered under the indemnity extend to damages, and he had asked them to share in the cost of a settlement. It is unclear how, or whether, that issue has been resolved.
www.latimes.com
The settlement enables Rams owner Stan Kroenke to avoid the spectacle of a St. Louis trial next month, just before the Super Bowl at Kroenke’s showcase stadium in Inglewood.
The St. Louis Post-Dispatch, which first reported the settlement, said the figure was $790 million. The Times confirmed the settlement with a party familiar with the case who wasn’t authorized to speak publicly, who put the figure in “the $800-million range.” The Post-Dispatch reported the settlement was all cash — with no expansion team included for St. Louis — and said an announcement was expected later Wednesday.
Sept. 4, 2020
With the addition of tax revenue St. Louis lost when the Rams moved, damages could have topped $4 billion, independent of any punitive damages.
The NFL appeared resigned to losing before a hometown jury but confident it could be successful on appeal, at least in having the damages significantly reduced. The NFL’s risk was losing now; the city’s risk was losing later.
Before NFL owners approved the Rams’ move, Kroenke signed an indemnification agreement that obligated him to pay the “costs, including legal fees and other litigation expenses,” to defend any challenge to a move.
Kroenke had informed his fellow owners he does not believe the legal “costs” covered under the indemnity extend to damages, and he had asked them to share in the cost of a settlement. It is unclear how, or whether, that issue has been resolved.
NFL and Rams agree to $790-million settlement with St. Louis over relocation
The NFL and Rams owner Stan Kroenke avoided a trial by reaching an $800-million settlement with St. Louis over the team's relocation.
www.latimes.com
