According to Bloomberg, the National Basketball Association (NBA) is facing a lawsuit due to its marketing association with the now-defunct cryptocurrency lending platform Voyager Digital. Investors of Voyager claim that the platform’s collapse resulted in a loss of $4.2 billion.
The lawsuit, filed on Tuesday in Miami, accuses the NBA of “gross negligence” in agreeing to the marketing agreement between Voyager and Mark Cuban, the former owner of the NBA’s Dallas Mavericks. Prior to this, these investors had already filed a lawsuit against Cuban for promoting Voyager, referring to it as an “unregulated and unsustainable fraud” after its collapse in 2022.
The suing investors claim, “The NBA’s extensive promotion of Voyager as an unregistered security makes it responsible for any and all damages caused as a result.” They also named Voyager’s legal team, McCarter & English, as defendants, alleging that the law firm provided “fraudulent legal advice and participated” in a conspiracy to promote the cryptocurrency platform.
Related report: “Despite Voyager’s Controversy, Cuban Still Believes in the Future of Cryptocurrency.”
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