Sotheby’s & Yuga Labs Respond to BAYC NFT Investors lawsuit

Buyers added auction house Sotheby’s to the class action lawsuit against Yuga Labs, alleging that the auction house helped “deceptively” promote BAYC NFTs.
Sotheby’s & Yuga Labs Respond to BAYC NFT Investors lawsuit

The auction house Sotheby’s have responded to Bored Ape NFT buyers who sued the firm as they mentioned them in the class action lawsuit against Yuga Labs and 40 other defendants. 

In a recent statement to CNN, Sotheby’s said that the allegations against it are baseless and it is prepared to defend itself. Sotheby’s was alleged for helping Yuga Labs in promoting its Bored Ape (BAYC) NFT collection which made it look legitimate and misled investors. 

The lawsuit revolving around Bored Ape NFTs was filed in December 2022, against Yuga Labs with 40 defendants including Justin Beiber, Paris Hilton, Madonna, Beeple and others by the holders and investors of the BAYC NFTs. 

Sotheby’s was also added into the list of defendants as it hosted an auction that generated a sale of over 24 million for 101 BAYC NFTs in September, 2021.

In the same statement to CNN, Yuga Labs said that “We believe that these new allegations, like those in the previous iteration of this opportunistic complaint, are completely without merit or factual basis.”

The lawsuit is filed on the basis of Yuga Labs onboarding numerous public figures and influencers to promote its NFT collection. A group of celebrities was also previously asked by a consumer group for promoting NFTs without proper disclosure.

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