NBA sued by investors over ties to failed crypto exchange Voyager

The National Basketball Association is being sued for its promotion of defunct crypto exchange Voyager Digital Holdings, which investors allege led to losses of more than $4.2 billion.

The NBA was "grossly negligent" for approving a marketing deal between Voyager and the Dallas Mavericks, according to lawsuit filed Tuesday in a Miami district court. "The NBA's widespread promotion of Voyager's unregistered securities renders it liable for any and all resulting damages." 

The suit also names Voyager's law firm, McCarter & English, alleging it used its credibility to assure investors that Voyager's offerings were "entirely above board," the document contends.