The Polarmoon Wealth SocietyNational 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 09:152922 view
2025-05-05 08:562603 view
2025-05-05 08:04153 view
2025-05-05 07:231556 view
2025-05-05 06:49856 view
2025-05-05 06:462145 view
PACCAR is recalling over 220,000 of its 2021-2025 Peterbilt and Kenworth trucks. The commercial tru
NEW YORK (AP) — Two former students are suing Sarah Lawrence College, arguing the New York school fa
The anthems will be loud and frequent when Journey and Def Leppard take a spin through stadiums this
