Key Points
- NBA faces proposed class-action lawsuit over marketing deals with now-collapsed crypto lender Voyager Digital
- Plaintiffs allege NBA's negligence in approving promotional deal with Voyager, resulting in substantial losses for investors
- Legal action reflects growing scrutiny over celebrity endorsements and partnerships in the cryptocurrency industry
The National Basketball Association (NBA) is facing a proposed class-action lawsuit over its marketing deals with now-collapsed crypto lender Voyager Digital, which the platform’s users claim led to losses of over $4.2 billion.
The NBA was “grossly negligent” when it approved Voyager’s promotional deal with the Dallas Mavericks, claimed the over 100-page lawsuit filed in a Miami district court on February 6. The filing details the marketing from the two firms and alleges the NBA was meant to “serve as the ‘gatekeeper.’”
Plaintiffs also allege the NBA “deliberately decided to embrace the risks” of working with crypto exchanges such as Voyager, Coinbase, and FTX, accepting “billions in promotional compensation” despite potential regulatory concerns.
Voyager’s law firm, McCarter & English, was also named in the suit. It alleges the firm leveraged its credibility to issue “a bogus ‘Legal Opinion’” that Voyager’s token wasn’t an unregistered security, misleading potential investors and partners.
In 2022, the same group sued Dallas Mavericks’ former owner, Mark Cuban, alleging he promoted Voyager and misrepresented its safety. Multiple lawsuits have been filed against celebrities and organizations that partnered with crypto firms after FTX’s collapse.
The NBA and McCarter & English did not immediately respond to a request for comment.
For more information on related topics, consider exploring: APRNEWS/STOCKS, APRNEWS/SPORTS, APRNEWS/POLITICS, APRNEWS/BUSINESS, APRNEWS/TECH
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