September 22, 2023

Adidas is currently facing a class action lawsuit brought by investors who allege that they lost $180,000 due to the sportswear giant’s partnership with rapper Kanye West.

According to the lawsuit, Adidas ignored West’s anti-Semitic comments and extreme behavior, even after he tweeted that he was going “death con 3 on JEWISH PEOPLE.”

The investors claim that the company failed to warn them about West’s behavior and the possibility of ending the partnership, despite executives being aware of it. Former CEO Kasper Rørsted and CFO Harm Ohlmeyer are also named as defendants in the lawsuit.

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The lawsuit, which was filed in Oregon on behalf of HRSA-ILA Funds, alleges that Adidas prioritized profits over its ethical responsibilities to investors.

The investors seek damages for their losses and demand that Adidas improve its corporate governance and accountability.

Kanye West has a history of making controversial statements and engaging in extreme behavior, including anti-Semitic remarks. Although he has since disavowed his previous comments, the investors claim that Adidas should have taken action to address his behavior earlier.

The lawsuit highlights the growing importance of corporate responsibility and accountability in the business world. Investors and consumers are increasingly calling for companies to prioritize ethical practices and transparency, and failing to do so can result in legal and financial repercussions.

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