The NBA is facing a lawsuit about its marketing associations with Voyager Digital, a defunct cryptocurrency lender.
A consortium of dissatisfied Voyager investors has filed a lawsuit against the premier basketball league in North America, contending that it bears implicit responsibility and legal liability for the financial losses incurred on the defunct platform.
The plaintiffs assert that the NBA consciously accepted the potential dangers of collaborating with cryptocurrency exchanges like Voyager, Coinbase, and FTX. Additionally, they claim that the NBA received substantial financial remuneration in exchange for promoting these exchanges. This decision was made in response to the adverse effects of the COVID-19 pandemic, which resulted in empty arenas and a significant decline in television income amounting to billions of dollars.
The National Basketball Association (NBA) is currently confronted with a proposed class-action lawsuit for its marketing agreements with Voyager Digital, a crypto lender that has since gone bankrupt. Site users allege that these agreements resulted in losses exceeding $4.2 billion.
The NBA was accused of being “grossly negligent” in approving Voyager’s promotional agreement with the Dallas Mavericks, as stated in a lawsuit filed on February 6th in a district court in Miami. The case spans over 100 pages.
Bloomberg reports have alleged that the NBA is facing claims of grave incompetence about its advertising relationship with Voyager and Mark Cuban, the former majority owner of the Dallas Mavericks.
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