00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Adidas won an appeal from shareholders who claimed the company had misconduct by Kanye West
00:07before their partnership collapsed in 2022, according to the BBC.
00:12A San Francisco court ruled that Adidas did not mislead investors
00:15who said they lost money after the company cut ties with West.
00:18Investors claimed Adidas hid concerns about West's behavior before their 2022 split,
00:24which followed his anti-Semitic remarks and conspiracy posts.
00:27The court said a reasonable investor would understand the inherent risks of celebrity collaborations.
00:32The split caused Adidas' share price to plunge in 2023
00:35and left the company with more than 1 billion euros in unsold Yeezy inventory.
00:40For all things money, visit Benzinga.com.
Comments