Woodstock 50 resolves litigation with Japanese financier
The organizers of Woodstock 50 – the failed 50th anniversary concert that celebrates the legendary 1969 festival – have settled their litigation with Dentsu, the Japanese advertising firm hired to fund the event, Billboard reports. Woodstock 50 was officially canceled in July 2019, three months after Dentsu pulled out of the festival. Three months ago, in a confidential hearing, an arbitration tribunal ruled that Dentsu had breached its contract with Woodstock 50 to fund the festival with $ 49 million through Amplifi, its investment arm. Now, Dentsu has reportedly agreed to settle any outstanding claims with an undisclosed sum that will cover damage but no unrealized potential gains from the festival.
The settlement ends a legal drama saga that has swirled around the festival since it was announced and in which the event lost venues, producers, permits, ticket sales and headlining acts prior to its official cancellation.
Woodstock organizers – led by Michael Lang – first started arbitration with Dentsu over the dispute in May 2020 and filed a lawsuit a month later in an attempt to “kill the festival” and claim millions in damages and punitive damages, are not covered by the two-party arbitration hearing.
Read “Why Woodstock 50 Was Canceled,” a timeline of the events that led to the cancellation of the 50th anniversary music festival.