Mercedes-Benz Formula One team and Major League Baseball are facing class-action lawsuits filed by FTX users, accusing them of aiding and abetting FTX’s alleged fraud and promoting unregistered securities. The lawsuits claim that the promotional deals between FTX and these organizations, which included displaying FTX’s logo on cars, uniforms, and umpire uniforms, created a sense of trustworthiness and legitimacy for FTX among fans. The plaintiffs also allege that FTX regularly cheered on and congratulated Mercedes F1, further enhancing the perception of trust. Similar allegations have been made against celebrities who promoted FTX, with some settling their lawsuits while others seek dismissal. FTX founder Sam Bankman-Fried was recently convicted on charges related to fraud, conspiracy, and money laundering. Both MLB and Mercedes F1 terminated their promotional contracts with FTX after the company filed for bankruptcy.

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Information	Details
Geography	Europe
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	Sam Bankman-Fried, Tom Brady, Kevin Paffrath, Shaquille O’Neal, Trevor Lawrence
Companies	Binance.US, MLB, Major League Baseball, FTX, Mercedes-Benz Formula One team
Currencies	US Dollar, FintruX
Securities	None