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Iahoo received over $1.5 million in a lawsuit to promote sweepstakes.
A Dallas Supreme Court last weekend ruled that Yahoo! Inc. "Yahoo " was to be remunerated in excess of $913,000 in attorneys' fees related to his March Madness sweepstake promotional campaign, increasing Yahoo's overall prize in this case to more than $1.5 million. What led to such a deterioration in the lottery campaign?
Yahoo wanted to sponsors a March Madness competition in 2014, in which any contestant who could accurately forecast the winners of all 63 NCAA Men's Basketball Tournament matches would receive a billion dollar award. It was Yahoo that contracted SCA Promotions, Inc., a price riskmanagement firm, to provide the service. "SCA ", which computes the quotas of a promotional winning and ensures cover for the price quoted by the sponsors.
Yahoo and SCA entered into a one billion dollars promotional agreement for the March Madness lottery in December 2013. Though Yahoo accepted to make a $11 million payout to SCA, it made a first $1.1 million planned payout just after signature of the sweepstake execution agreement. When Quicken Loans publically heralded its alliance with Warren Buffet and Berkshire Hathaway to fund a very similar "Billion Dollars Bracket Challenge" in January 2014, Yahoo altered course and worked out a Quicken (and SCA-free) dealer to become co-sponsor of this sweepstake promo.
Earlier this month, SCA filed suit against Yahoo Yahoo in the U.S. Department of Justice for the Northern Department of Texas (Case No. 3:14-cv-00957-O), asserting that Yahoo had breached its agreement and claimed that Yahoo SCA owe nearly $10 million. According to what we announced in December last year, the county tribunal finally approved Yahoo's application for an expedited trial and rejected the raffle claim. It ruled that Yahoo was eligible for a $550,000 reimbursement from SCA and its expenses and attorneys' fees.
The court ruled on 21 November 2016 that Yahoo should receive attorneys' fees of 913,961.23 US dollars. Yahoo had collected over $2.4 million in attorneys' and mediators' expenses, experts' and mediators' services and related charges, but Yahoo did not separate its charges from the usual charges prescribed by Texas laws. In addition, the court found that a number of Yahoo lawyers had inappropriate settlement charges and were alleged ly using dubious convictions and practice for settlement.
Consequently, the court has dramatically cut Yahoo's attorneys' expenses (although the rest is considerable). Together with the court's prior $550,000 verdict and an estimate of $70,269.88, Yahoo's price now surpasses $1.5 million. The above case shows that it makes economic and juridical economic sense for companies active in the field of promotions to talk to an expert marketer before they launch a competition advertisement, sign all related contracts and/or take related juridical steps.