Auction house Sotheby’s has been included in a class-action lawsuit filed by Bored Ape Yacht Club (BAYC) investors against Yuga Labs, Cointelegraph reported. Investors accuse Sotheby’s of helping Yuga Labs “fraudulently promote” its non-fungible token (NFT) series.
On September 10, 2021, Sotheby's auctioned 101 BAYC NFTs for more than $24 million. The plaintiffs claim that the auction house's 2021 NFT auction helped make Yuga Labs look legitimate and misled investors. However, Sotheby's told CNN that the allegations were "without merit" and that it was prepared to "vigorously defend" the company. Yuga Labs also said that the new allegations were completely "without merit."
