Live Nation Entertainment faces a fresh shareholder lawsuit alleging executives and board members approved anti-competitive practices, potentially exposing the company to significant financial losses.

The lawsuit targets CEO Michael Rapino, CFO Joe Berchtold, and Oak View Group CEO Tim Leiweke, following the U.S. Department of Justice's accusations of anticompetitive practices. The DOJ is now pushing for Live Nation to divest Ticketmaster due to alleged violations of their 2010 merger agreement.

Shareholder John Williams, who filed the derivative lawsuit, claims the government's legal action will "severely damage and injure" Live Nation and its shareholders. The lawsuit alleges that board members and executives:

• Continued anti-competitive conduct despite the consent decree
• Breached their fiduciary duty
• Misrepresented their cooperation with federal investigators
• Engaged in collusion with Oak View Group

The lawsuit specifically highlights the relationship between Live Nation and Oak View Group, describing how the companies allegedly avoided competition in favor of a "mutually beneficial scheme" that violated competition law. Evidence includes internal emails and correspondence demonstrating antitrust violations.

Oak View Group's involvement allegedly extended to acting as a "pimp" for Live Nation, with Leiweke reportedly delivering threats to venues considering alternative ticket providers to Ticketmaster.

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