The Mercedes-AMG Petronas F1 Team and Major League Baseball (MLB) are facing a lawsuit from a group of FTX users who claim that the two entities aided and abetted FTX in perpetrating fraud. The plaintiffs filed class-action lawsuits in a Florida district court, accusing the firms of promoting unregistered securities and participating in FTX's alleged multibillion-dollar fraud. In 2021, both Mercedes F1 and MLB signed promotional deals with FTX, displaying the exchange's logo on various materials. The MLB went a step further by featuring FTX's logo on umpire uniforms, the first time a sponsor brand had been displayed on umpire uniforms in MLB's history. The lawsuits argue that these promotional partnerships created an illusion of trustworthiness among fans. The same group of FTX users is also suing celebrities who promoted the exchange, while FTX's founder, Sam Bankman-Fried, was recently convicted on charges related to fraud and money laundering. The MLB terminated its promotional contract with FTX shortly after the exchange filed for bankruptcy in November 2022, and Mercedes F1 also ended its deal with FTX that same year. Read more AI-generated news on: https://app.chaingpt.org/news