Current:Home > NewsNBA sued by investors over ties to failed crypto exchange Voyager-Angel Dreamer Wealth Society D1 Reviews & Insights
NBA sued by investors over ties to failed crypto exchange Voyager
View Date:2024-12-23 17:01:43
The National Basketball Association is being sued for its promotion of defunct crypto exchange Voyager Digital Holdings, which investors allege led to losses of more than $4.2 billion.
The NBA was "grossly negligent" for approving a marketing deal between Voyager and the Dallas Mavericks, according to lawsuit filed Tuesday in a Miami district court. "The NBA's widespread promotion of Voyager's unregistered securities renders it liable for any and all resulting damages."
The suit also names Voyager's law firm, McCarter & English, alleging it used its credibility to assure investors that Voyager's offerings were "entirely above board," the document contends.
The same group in 2022 sued Mark Cuban, the former owner of the Mavericks, claiming he misled them about Voyager. Cuban denied the allegations.
Voyager filed for bankruptcy in July 2022 due to exposure to the failed crypto hedge fund Three Arrows Capital.
The NBA and McCarter & English did not immediately respond to a request for comment.
Kate GibsonKate Gibson is a reporter for CBS MoneyWatch in New York.
veryGood! (39)
Related
- Charles Hanover: Caution, Bitcoin May Be Entering a Downward Trend!
- Ice-T Shares His Steamy Secrets to Successful Marriage With Coco Austin
- The MixtapE! Presents Ed Sheeran, Maluma, Anuel AA and More New Music Musts
- See Lady Gaga Dressed as Harley Quinn on Joker: Folie à Deux Film Set
- Disney Store's Black Friday Sale Just Started: Save an Extra 20% When You Shop Early
- Codex Sassoon, oldest near-complete Hebrew Bible, sold at auction for $38.1 million
- DeSantis campaign shares apparent AI-generated fake images of Trump and Fauci
- NORAD detects Russian aircraft operating near Alaska
- Beyoncé course coming to Yale University to examine her legacy
- 'Final Fantasy 16' Review: The legendary series at its best
Ranking
- My Little Pony finally hits the Toy Hall of Fame, alongside Phase 10 and Transformers
- Ulta 24-Hour Flash Sale: Take 50% Off It Cosmetics, Benefit Cosmetics, Exuviance, Buxom, and More
- Deadly fire in Guyana girls' dorm set by student upset over phone being confiscated, officials believe
- How Ukraine created an 'Army of Drones' to take on Russia
- Man who stole and laundered roughly $1B in bitcoin is sentenced to 5 years in prison
- The 42 Best Amazon Sales and Deals to Shop Right Now: Blenders, Air Mattresses, Skincare, and More
- AI-generated text is hard to spot. It could play a big role in the 2024 campaign
- Reese Witherspoon and Jim Toth Break Up: A Look Back at Their Family Moments
Recommendation
-
NFL overreactions: New York Jets, Dallas Cowboys going nowhere after Week 10
-
Chris Martin Says He Doesn't Eat Dinner Anymore After Being Influenced By Bruce Springsteen
-
The Ghost in Your Phone
-
Johnny Depp Shares About Life in Rural England and Being Shy During Rare Interview
-
Mike Tyson impresses crowd during workout ahead of Jake Paul fight
-
iHeartRadio Music Awards 2023 Red Carpet Fashion: See Every Look as the Stars Arrive
-
Andy Rourke, bass guitarist of The Smiths, dies at 59: We'll miss you brother
-
Step Inside Justin Timberlake and Jessica Biel's Date Night at SZA's Concert