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International Business Times
International Business Times

Newsweek Investors Drop Lawsuit Against Dev Pragad, Saying the Contract Already Dead

Newsweek IBT Lawsuit IBT Media Westchester
A photograph of the Richard J. Daronco Courthouse in White Plains, Westchester County, New York (Credit: Wikicommons/Anthony22)

A group of Newsweek investors has voluntarily dropped their lawsuit against Dev Pragad in Westchester County Supreme Court — exactly one year after filing it.

The reason: just six days before the dismissal, IBT Media Inc. sent a formal letter to Pragad's company, NW Media Holdings Corp., declaring that the 2018 agreement by which Pragad claims to own Newsweek was never legally completed — and therefore never valid.

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