Implosion of crypto firm draws suit against athlete brand ambassadors

Sports Marketing Playbook

By Douglas N. Masters and Seth A. Rose

Douglas N. Masters is a partner at Loeb & Loeb LLP, where he litigates and counsels clients primarily in intellectual property, advertising and unfair competition. He is co-chair of the firm’s intellectual property protection group and he can be reached at dmasters@loeb.com. Seth A. Rose is a partner at the firm, where he counsels clients on programs and initiatives in advertising, marketing, promotions, media, sponsorships, entertainment, branded and integrated marketing, and social media. He can be reached at srose@loeb.com.

Posted December 29, 2022 10:59 AM

Following the recent crash and bankruptcy filing of cryptocurrency platform FTX, an investor has filed a proposed class action seeking damages from defendants including superstar athletes who promoted the company as brand ambassadors.The platform spent big money on sponsorships, the naming rights for two stadiums and partnerships with some of the biggest names in sports to promote cryptocurrency investment.Many legal experts believe the sports figures probably won’t be held liable for crypto investors’ losses, particularly …

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By Douglas N. Masters and Seth A. Rose