Nike faces lawsuit from purchasers over $5 million in losses following abrupt closure of RTFKT unit

Purchasers claim they suffered significant losses due to Nike's abrupt closure of the RTFKT unit, which they say impacted NFT demand. The lawsuit seeks over $5 million in damages.

Sources:
Reuters
Updated 5h ago
Section 1 background
They said they would never have bought the NFTs at the prices they did, or at all, had they known the tokens were unregistered securities, and that Nike would 'cause the rug to be pulled out from under them.'
Jagdeep Cheema
lead plaintiff
Reuters
Sought damages in lawsuit
$5 million
Reuters
Key Facts
  • Nike was sued by purchasers of Nike-themed non-fungible tokens (NFTs) after the abrupt closure of its RTFKT unit.Reuters
  • The lawsuit, led by Jagdeep Cheema, claims that the closure in December caused demand for their NFTs to dry up.Reuters
  • Nike acquired RTFKT in December 2021, focusing on merging culture and gaming for next-generation collectibles.Reuters
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