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Nevada Supreme Court approves Jon Gruden appeal in NFL lawsuit, blocks arbitration
The Nevada Supreme Court has sided with Jon Gruden in an appeal, marking the latest victory in his ongoing lawsuit against the NFL. The decision, which was made official on Monday, blocks the NFL from sending the case into arbitration. One of the issues at hand was an arbitration clause in the NFL's constitution, which the league argued kept Gruden from being able to make the lawsuit public. But on Monday, the Nevada Supreme Court ruled 5-2 in favor of the former Las Vegas Raiders coach, finding that the clause is "unconscionable" and does not apply to Gruden, as he is a former employee, via NBC's Mike Florio. Gruden sued the NFL shortly after resigning from the Raiders in 2021, but his latest legal battles have been around the manner of the lawsuit. Gruden has wanted his trial to be public, as part of a quest to expose what he believes were deliberate leaks in the NFL; the league, meanwhile, wanted a closed-door arbitration. Gruden originally won before a trial court, but a Nevada Supreme Court panel overturned the ruling in May 2024 as part of a lengthy appeal. Per court documents, Gruden's lawyers filed for a rehearing on the appeal last summer, which was denied. A month later, they filed for an en banc reconsideration, which was granted in October. The panel officially sided with Gruden on Monday. The NFL has yet to comment on Gruden's latest legal victory, but it is likely that the league will appeal the ruling in the U.S. Supreme Court, which may or may not decide to hear the case. Gruden sought public lawsuit in court to expose 'the truth' Gruden resigned from his job as Raiders head coach in 2021 after a New York Times report exposed his email exchanges with former Washington Football Team executive Bruce Allen, among others, that showed his use of racist, anti-gay and misogynistic language. Gruden sued the NFL and commissioner Roger Goodell in 2021, accusing them of plotting to destroy his career via a "malicious and orchestrated campaign" by leaking those emails. The emails surfaced from an investigation into the Washington Commanders and then-team owner Dan Snyder. The lawsuit argues that Gruden was targeted in the alleged leaks and that "there is no explanation or justification" for why the correspondence of others in the league was not exposed. Gruden had previously vowed that "the truth will come out" regarding unnamed others around the NFL. NFL sought closed-door arbitration The NFL has since made multiple attempts to strike down the lawsuit, arguing that a clause in Gruden's contract with the Raiders requires him to seek dispute settlement via arbitration. Gruden's attorneys have argued that the clause doesn't apply since he his no longer an employee of the Raiders and that his dispute is with the NFL, not the Raiders. In 2022, Nevada 8th Judicial District Court Judge Nancy Allf denied the NFL's effort to dismiss the lawsuit and ruled that the case could continue in open court. NFL spokesman Brian McCarthy dismissed Gruden's lawsuit as meritless after the district court ruling and vowed to appeal. 'The allegations are entirely meritless and the NFL will vigorously defend against these claims,' McCarthy's 2022 statement reads.
Yahoo
a minute ago
- Yahoo
Forward Air misses Q2 mark; investors await strategic review decision
Transportation and logistics provider Forward Air missed second-quarter expectations on Monday after the market closed. Forward Air didn't provide an update on an ongoing strategic review process that could include selling the company following the fallout of its heavily contested merger with Omni Logistics. For the time being, Forward's current leadership team is tasked with executing a marketing plan that now includes a freight forwarding business alongside its legacy linehaul operations. Forward (NASDAQ: FWRD) reported a second-quarter net loss from continuing operations of $20.4 million ($12.6 million attributable to Forward Air, or 41 cents per share). The result was worse than the consensus estimate calling for a per-share loss of 26 cents. Consolidated revenue of $619 million was 4% lower year over year. Revenue increased 1% from the first quarter. Forward's management team touted 'across-the-board' business wins in truckload, international airfreight and ground transportation on a Monday evening conference call. It said many of the wins came from existing customers. Recent press releases from the company referenced the addition of 15,000 annual expedited TL shipments from a 'leader in the package delivery services industry,' as well as a separate distribution services and TL contract with an athletics brand. The company's expedited segment, which includes less-than-truckload operations, reported a 12% y/y revenue decline to $258 million. Tonnage fell 13% y/y (up slightly from the first quarter) while revenue per hundredweight, or yield, increased 2% y/y excluding fuel surcharges (flat sequentially). The yield improvement was attributed to 'pricing actions' taken earlier this year. Forward again increased shipment weights in the quarter. Weight per shipment was up 3% y/y in the period (up less than 1% sequentially). (Higher shipment weights negatively impact the yield calculation.) Expedited reported a 7.6% operating margin, which was 10 basis points higher y/y and 130 bps better than the first quarter. Salaries, wages and benefits (as a percentage of revenue) declined 100 bps y/y. Purchased transportation expenses were down 60 bps. Adjusted earnings before interest, taxes, depreciation and amortization of $30 million in the unit was $4 million higher than in the first quarter. An 11.6% adjusted EBITDA margin was 120 bps better sequentially. Omni reported revenue of $328, a 5% y/y increase. The segment recorded adjusted EBITDA of $30 million (a 9% adjusted EBITDA margin) compared to $26 million in the first quarter (a 7.9% adjusted EBITDA margin). Consolidated adjusted EBITDA of $74 million was $5 million higher than in the first quarter. That pushed last 12 months' (LTM) adjusted EBITDA to $298 million. Net debt of $1.69 billion stood at 5.7 times LTM adjusted EBITDA, an increase from 5.3 times at the end of the first quarter. Liquidity at the end of the second quarter was $368 million, a $25 million decline from the first quarter. However, the change included $34 million in semi-annual interest payments. Cash flow from operations totaled $14 million in the first half of the year. (The company used $13 million in cash in the second quarter.) Shares of FWRD closed on Monday at $28.57, down 5.6% on the day and well below the $110 closing price on the last trading session before the merger was announced in August 2023. The stock was 1.3% higher in after-hours trading on Monday. More FreightWaves articles by Todd Maiden: GXO encouraged by pre-peak season activity, well positioned for 2026 Lineage says high food prices weighing on warehouse occupancy Freight market's 'holding pattern' continues in July The post Forward Air misses Q2 mark; investors await strategic review decision appeared first on FreightWaves.
Yahoo
a minute ago
- Yahoo
Sinclair launches strategic review of broadcast unit, weighs spinoff of Ventures
(Reuters) -Sinclair said on Monday its board has authorized a strategic review of the company's broadcast business and it is considering a separation of its Ventures portfolio, sending its shares up 15% in extended trading. The review comes as media companies are exploring options for their cable TV businesses, as audiences rapidly abandon linear TV in favor of streaming platforms. Sinclair owns, operates and provides services to 178 television stations in 81 markets. The Ventures portfolio is comprised of Sinclair's private equity and real-estate assets, a cable network that includes coverage of most of tennis' top tournaments called the Tennis Channel, as well as its ad tech unit, Digital Remedy. "We expect separating Ventures will crystallize significant value that the market has overlooked within our current structure, giving us even more flexibility to drive our broadcast strategy forward," CEO Chris Ripley said. The Ventures business made nearly $11 million in minority investments during the second quarter. The company cautioned that the strategic review may not result in any transaction or change. For the quarter ended June 30, Sinclair's total revenues decreased 5% to $784 million. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
