Nike faces a class-action lawsuit of its own in federal court in Brooklyn. The company is accused of carrying out a “rugpull” when it suddenly terminated the RTFKT platform. Investors are sounding the alarm on “substantial harm.” They are seeking $5 million in damages for the harm they suffered when...
Nike is still in the middle of a $5 million class action lawsuit. This comes on the heels of their decision to close the NFT subsidiary, RTFKT, at the end of December 2024. Australian Jagdeep Cheema is at the head of the class action. He alleges that the shutdown caused...
Nike’s hit with a $5 million class action lawsuit over its RTFKT NFT platform shutdown. With investors justifiably furious, watching their hard-won digital assets go up in smoke. Is this simply buyer’s remorse in a rocky economy? Or does it only signal to us a far deeper truth about the...
Wall Street has been ecstatic over Web3, luring investors with the allure of disruptive innovation and sky-high profits. Are they actually equipped to handle the Wild West of digital assets? Nike’s newly settled NFT lawsuit may be what’s needed to bring the NFT industry back down to earth.Regulation's Shadow Looms...
The clothing behemoth is now embroiled in a lawsuit brought against it by angry NFT purchasers who allege that the brand’s digital tokens constitute unregistered securities. The lawsuit arrives at a time when the NFT market is facing a drastic collapse, with millions in digital assets plummeting in value. This...
Nike’s being sued for suddenly shutting down RTFKT? Alright, on the surface, this is nothing new—another company trying to navigate the often-volatile space of NFTs. Dig a little deeper, and you’ll find an invitation revealed under a flashing neon sign. This signal underscores the real Wild West nature of Web3...
The NFT space can be a bit of a wild west, a place where speculation meets innovation. Sometimes, that collision leads to legal battles. A trademark battle is quickly shaping up between Nike and StockX. Nike claims trademark infringement and unfair competition because StockX sells Nike-branded Vault NFTs, an NFT...
Nike Inc. is now caught in the crossfire. This legal duel—case no. 25-02305—follows the company’s recent announcement that it will shutter its crypto operations. The lawsuit, filed on Friday, argues that the shutdown stranded purchasers of these digital assets with digital wares of greatly reduced value. Jagdeep Cheema is an...
Nike's facing a $5 million lawsuit over its Nike-themed NFTs, led by an Australian resident, Jagdeep Cheema, and it's not just about refunds. This lawsuit was originally filed in the Eastern District of New York. It asks whether Nike deceived consumers regarding the safety and worth of its digital goods...
Nike’s upcoming lawsuit, which is centered around its non-fungible tokens (NFTs), could see plaintiffs in the case demand damages of more than $5 million. The complaint brings claims for violation of consumer protection laws in every state that loans were made to. The central dispute is around the claim that...
