NBA Faces a $4.2B Suit for Its Links with the Failed Voyager
The FTX collapse in November 2022 had a chain effect on the crypto industry. Many companies crashed afterward, including the crypto lender Voyager.
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The FTX collapse in November 2022 had a chain effect on the crypto industry. Many companies crashed afterward, including the crypto lender Voyager.
Now defunct Voyager had different marketing partnerships with the National Basketball Association, in particular with the Dallas Mavericks and its former owner Mark Cuban.
Investors affected by Voyager’s failure started legal action against the NBA. They claim the NBA’s marketing deals led to $4.2B in losses. According to the filing to the Miami court, the Association’s widespread promotion of Voyager’s unregistered securities makes it responsible for all resulting damages. Investors also presented claims against the law firm McCarter & English, the attorneys of the failed crypto exchange.
Voyager filed for bankruptcy in July 2022 and has been struggling to return investors’ money.
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