SOUTH WINDSOR, CONNECTICUT - 07/10/2019 (PRESS RELEASE JET)
TicketNetwork, Inc. ("TicketNetwork" or the “Company"), a leading online marketplace for live event ticket resale, today announced that it had reached a settlement with the New York Attorney General (the “NYAG"), under which the Company, among other things, will be able to continue its regular business model wherein independent ticket sellers offer access to a wide range of events to independent ticket buyers. TicketNetwork will modify disclosures on its platform consistent with a new law enacted by the New York State Legislature that took effect on December 28, 2018. That law, coupled with enhancements to TicketNetwork’s website, will ensure that customers are fully informed concerning their ticket orders.
“TicketNetwork is pleased that this matter has been resolved,” said TicketNetwork CEO, Donald Vaccaro. “Our company has now achieved the clarity and certainty that we initially sought through our lawsuit against the NYAG. TicketNetwork will continue to move forward as a leader in the ticket resale industry, providing customers with a safe, secure, and cost-efficient way to purchase tickets for live events. TicketNetwork continues to represent the gold standard in customer service in this industry for our many repeat customers.”
The settlement follows TicketNetwork’s filing for a declaratory judgment seeking confirmation from the Supreme Court of the State of New York that it operates in full compliance with the law, and that there was no legal merit to the asserted basis of the NYAG’s nearly two-year investigation. Subsequent to TicketNetwork filing its suit, the NYAG commenced a civil action against TicketNetwork. All litigation has been resolved without any admission of liability by TicketNetwork.
TicketNetwork noted that in a related action today, Ticket Galaxy, an affiliated company and leading secondary market ticket distributor, also settled with the NYAG after filing its own lawsuit for a declaratory judgment. Ticket Galaxy also did not admit to any liability and settled its litigation with the NYAG under terms similar to TicketNetwork.
TicketNetwork is an internet marketplace that connects independent ticket sellers with independent ticket buyers. All tickets offered for sale on TicketNetwork are procured and offered by third-party ticket sellers, and TicketNetwork itself has no ticket inventory.
Founded in 2002, TicketNetwork is a high-tech leader providing software solutions for the secondary ticketing market. The Company's innovative technology solutions enable independent buyers and sellers to exchange over $5.5 billion in live event ticket inventory for over 100,000 concerts, sports and theater events around the globe. TicketNetwork is Payment Card Industry (PCI) certified and offers a 100% money-back guarantee to its retail customers.
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