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Nike Faces Class Action Lawsuit Over Alleged NFT ’Rug Pull’ via RTFKT Subsidiary
Nike Faces Class Action Lawsuit Over Alleged NFT ’Rug Pull’ via RTFKT Subsidiary
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Nike stands accused of deceptive practices and unlawful trade conduct in a proposed class-action lawsuit filed by an Australian RTFKT buyer. The complaint, lodged in New York’s Eastern District, claims the sportswear giant executed a "brazen rug pull" through its NFT-focused subsidiary RTFKT, acquired in December 2021.
The 42-page filing alleges Nike Leveraged its brand authority to market unregistered securities through multiple RTFKT NFT collections. Plaintiffs argue these digital assets meet the legal definition of securities under US law, spotlighting growing regulatory scrutiny at the intersection of consumer brands and Web3 ventures.
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