Formula E settlement reached between Montreal, promoter for $3 million
MONTREAL -- A $3 million settlement has been reached between the City of Montreal, Mayor Valérie Plante and Formula E Operations (FEO) in connection with the 2017 Formula E race in Montreal.
The $3 million out-of-court settlement paid by the city will close the file and end the lawsuit against the mayor.
"We are pleased to finally put this matter behind us and to have reached an out-of-court settlement that is in the best interest of the city and its citizens," said City Executive Committee Chair Benoît Dorais in a statement.
Former Montreal Mayor Denis Coderre's administration had organized the Formula E race in downtown Montreal in 2017.
After her election in November that same year, Plante cancelled the editions planned for 2018 and 2019.
The Formula E promoters retaliated by personally suing the mayor for $16.1 million."
While our position and arguments were strong, a negotiated solution was the way to go," Dorais explained. "This $3 million settlement of a $16.1 million lawsuit is for the benefit of Montrealers. It brings closure to this saga, reduces the cost of preparing for a court hearing and puts an end to any FEO claims."
-- This report by The Canadian Press was first published in French on July 12, 2021.