Sotheby's Named Defendant in Bored Ape Yacht Club Class-Action Lawsuit

08/17 22:00

Sotheby's has been named as a defendant in a class-action lawsuit filed by BAYC investors against its parent company, Yuga Labs. The lawsuit alleges that more than 40 defendants, artificially inflated the prices of BAYC NFTs through celebrity promotions without proper disclaimers required by the Securities Act. Sotheby's is accused of collaborating with Yuga to run a deceptive auction of 101 BAYC NFTs, which it denies.

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