The Michael SchmidtNational 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.
2025-05-05 20:34559 view
2025-05-05 20:34103 view
2025-05-05 20:23831 view
2025-05-05 20:06962 view
2025-05-05 19:441777 view
2025-05-05 19:421225 view
NEW YORK (AP) — The NHLis partnering with P-X-P to serve the Deafcommunity, creating an alternate te
The Los Angeles Dodgers designated 15-year veteran outfielder Jason Heyward for assignment on Thursd
MADISON, Wis. (AP) — Universities of Wisconsin regents agreed overwhelmingly on Thursday to ask Gov.
