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Newsmax Discloses $40 Million Settlement in Smartmatic Defamation Case

The settlement resolved allegations over false claims about Smartmatic's role in the 2020 election and was revealed in a regulatory filing tied to Newsmax's IPO plans.

A Newsmax booth broadcasts as attendees try out the guns on display at the National Rifle Association (NRA) annual convention in Houston, Texas, U.S. May 29, 2022. Picture taken through glass. REUTERS/Callaghan O'Hare
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Overview

  • Newsmax agreed to pay $40 million to Smartmatic to settle a defamation lawsuit filed in 2021 over false election fraud claims.
  • The settlement, reached in September 2024, includes a cash payment and stock warrants, with payments scheduled through mid-2025.
  • Smartmatic accused Newsmax of amplifying baseless claims that its voting machines were involved in rigging the 2020 U.S. presidential election.
  • The settlement amount was disclosed in a regulatory filing as Newsmax prepares for an initial public offering and seeks to address investor concerns over pending litigation.
  • Smartmatic continues its legal battles against other parties, including Fox News, with a trial in its $2.7 billion defamation case against Fox expected next year.