DraftKings, Ex-VP Settle Suit Over Company Secrets, Noncompete

DraftKings Inc. and a former executive who tried to work at rival sports-betting company Fanatics Inc. before his noncompete agreement expired have settled their dispute, according to court filings.

The company agreed to drop its lawsuit against former senior vice president of VIP marketing Michael Hermalyn on Monday, following a September order from the US Court of Appeals for the First Circuit that his noncompete clause could be enforced.

• DraftKings alleges Hermalyn moved to California to avoid his noncompete obligations, since the state bans most agreements of that type, and stole company secrets and client files before joining Fanatics. Hermalyn ...