Smartmatic secures $40 million settlement from Newsmax
Chris Ruddy, CEO Newsmax speaks on the 1st day of CPAC Washington, DC conference at Gaylord National Harbor Resort & Convention on March 2, 2023. (Photo by Lev Radin/Sipa USA)(Sipa via AP Images)

Chris Ruddy, the CEO of Newsmax, was speaking on the first day of the CPAC Washington, DC conference at the Gaylord National Harbor Resort & Convention on March 2, 2023 as captured in a photo by Lev Radin/Sipa USA (Sipa via AP Images).

Newsmax will pay voting software company Smartmatic $40 million to settle a defamation lawsuit filed years ago in Delaware state court.

In September 2024, the resolution to a previous legal dispute that had caused contention was reached. However, this resolution was only recently disclosed in a Newsmax investment prospectus or circular that was published on the Securities and Exchange Commission’s website earlier this month.

To date, the media company has paid out $20 million of the settlement agreement — which also includes significant stock options.

The details in the filing state, “As of the date hereof, the Company has made payments under the settlement agreement totaling $20 million. Payment of the remaining balance will be made in installments of $10 million on or prior to each of March 31, 2025, and June 30, 2025.”

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