‘Let’s go Brandon’ NASCAR class action overview:
- Who: NASCAR driver Brandon Brown and his racing company asked a judge to toss out a class action lawsuit against them.
- Why: Brown says the plaintiffs have not proven claims that he was involved in a scheme to make the digital currency LGBCoin spike and then crash.
- Where: The class action was filed in Florida federal court.
NASCAR driver Brandon Brown and his racing company are fighting a class action lawsuit that claims he was involved in a scheme to launch a cryptocurrency that would reach an inflated value and then crash.
On July 5, Brown and his company Brandonbilt Motorsports LLC asked U.S. District Judge Paul G. Byron and U.S. Magistrate Judge Daniel C. Irick to dismiss the claims they face from buyers of ‘Let’s Go Brandon’ meme tokens or LGBCoin.
Plaintiffs Eric De Ford and Sandra Bader filed the class action lawsuit against the creators of LGBCoin, Brown and his company in April.
They are looking to represent anyone who bought LGBCoin between Nov. 2, 2021, when the coin launched, and March 15, 2022, when the price dropped.
The “Let’s Go Brandon” became a popular chant and meme in October 2021 when NBC Sports reporter Kelli Stavast interviewed Brown following a NASCAR race at the Talladega Superspeedway in Alabama, according to TODAY. The crowd behind them shouted, “F— Joe Biden,” which Stavast mistook as, “Let’s go, Brandon!” The phrase then became a viral way to insult the president.
‘Let’s go Brandon’ class action alleges partnership with NASCAR caused coin price to spike then drop
According to the lawsuit, the creators of LGBCoin met with NASCAR executives days after the coin launched to discuss whether the cryptocurrency could become an official sponsor of Brandonbilt Motorsports.
At the end of December LGBCoin and Brandonbilt Motorsports reportedly announced that the digital currency would be the full-season primary partner for the company in 2022, the ‘Let’s go Brandon’ class action states..
The announcement caused the price of LGBCoin to spike, the plaintiffs allege, leading the coin to cost more than five times as much as it did when it launched.
However, days later, NASCAR announced that LGBCoin was rejected as a sponsor of BMS. The statement caused the rate for LGBCoin to plummet by 63%, the plaintiffs say.
De Ford and Bader are suing for fraud, theft, unjust enrichment, civil conspiracy and violation of the Securities Act.
However, Brown argues that the plaintiffs never explained in their suit how he and his company are involved in the alleged scheme.
“Rather than focusing on specifically tailoring the issues at hand in order to assert cognizable claims against the racing defendants, the amended complaint instead reads as a fanciful novella, filled with maliciously intended disparaging statements, wide-ranging assumptions, and — frankly — irrelevant statements solely included to cast the racing defendants in a negative light,” he told the judge.
In other NASCAR news, in 2011, NASCAR was hit with a class action lawsuit alleging a text message promoting coverage of the 2011 Daytona 500 sent to Sprint phones violated the Telephone Consumer Protection Act.
¿Qué opinas de las acusaciones de este caso? Háganoslo saber en los comentarios.
De Ford and Bader are represented by Aaron M. Zigler and Robin Horton Silverman of the Zigler Law Group LLC and John T. Jasnoch and Sean T. Masson of Scott + Scott Attorneys at Law LLP.
The ‘Let’s go Brandon’ NASCAR lawsuit is De Ford v. Koutoulas et al., Case No. 6:22-cv-00652, in the U.S. District Court for the Middle District of Florida.
Lea sobre más demandas colectivas y acuerdos de demanda colectiva:
Nota: Top Class Actions no es un administrador de acuerdos
administrador o bufete de abogados. Top Class Actions es una fuente de noticias legales
que informa sobre demandas colectivas, acuerdos de demandas colectivas,
demandas por lesiones de medicamentos y demandas por responsabilidad de productos. Top Class
Actions no procesa reclamaciones y no podemos asesorarle sobre el
sobre el estado de una demanda colectiva. Debe ponerse en contacto con el
con el administrador del acuerdo o con su abogado para cualquier
sobre el estado de su reclamación, el formulario de reclamación o preguntas sobre cuándo se espera que se envíen los pagos.
de los pagos.
