TV Tokyo sues 4Kids Entertainment and puts them out of business
In November of 2011, TV Tokyo (who held the rights to the Yu-Gi-Oh franchise) and Nihon Ad Systems sued 4Kids Entertainment for $8 million. TV Tokyo did not like the way they treated Yu-Gi-Oh. They alleged that the company entered into illegal agreements with other companies, including Funimation Entertainment and Majesco Entertainment, regarding the Yu-Gi-Oh! anime franchise. TV Tokyo claimed that those agreements allowed 4Kids to collect royalties without paying a portion of those royalties to TV Tokyo, which violates their original agreement.
Events after the lawsuit, on December 21, 2012, 4Kids Entertainment was reincorporated as 4Licensing Corporation. They later filed for Chapter 11 bankruptcy on September 21st, 2016, and the company fully closed their doors on February 7th, 2017 nearly six months later after their announcement.