Strip Club Investors’ $2.2M Deal Gets Initial Approval From Judge

By Emilie Ruscoe (April 29, 2022, 8:51 p.m. EDT) — Strip club operator RCI Hospitality Holdings has reached a $2.2 million settlement to settle investor claims that executives of the company used its funds “like their own personal cookie jar”.

In an order filed Thursday in federal court in Houston, U.S. District Judge Alfred H. Bennett granted preliminary approval to a settlement agreement that would see the company make cash payment to its investors, saying the proposed deal was “fair, reasonable and adequate to the class of settlement” for immediate purposes.

Judge Bennett also certified the proposed class of RCI investors, which includes those who purchased RCI shares between December 2016…

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