Let us explore the recent news where Zion Williamson and his family have been sued by a tech company in this article.
Is Zion Williamson being sued?
Trouble looms over New Orleans Pelicans forward, Zion Williamson, and his family, as they face a $1.8 million lawsuit. A California-based tech company, Ankr PBC, is at the centre of the legal battle, alleging that Zion and his family failed to repay $1.8 million of a $2 million loan they received in September 2021.
Ankr PBC, which specializes in blockchain-related technologies used in finance and data storage, had offered the loan to the 23-year-old NBA star with hopes of establishing a marketing relationship. They envisioned Zion as an influential spokesperson for their company.
In addition to the loan, Ankr also provided support to Zion Williamson by organizing community events and even arranging a personal chef and physical trainer for the athlete.
However, the situation took a contentious turn when Zion’s stepfather, Lee Anderson, who served as his business manager, allegedly demanded an upfront payment of $150,000.
Moreover, the loan was expected to be repaid by August 2022, but Anderson requested extensions. When Ankr received a $25,000 check from him, it bounced.
The lawsuit claims that Anderson justified the urgency of the loan due to expensive family investments, including real estate in New Orleans, which made meeting financial obligations challenging. Moreover, Williamson’s sponsorship deals faced a temporary suspension due to an injury.
Ankr and Anderson reached a forbearance agreement, where the company agreed not to sue if they received a repayment of $500,000 by April 25, 2023. However, the remaining outstanding amount of $1.8 million was still due by July 6, 2023.
Although Ankr confirmed receiving $500,000 on time, they asserted that $300,000 of that amount covered interest, leaving the company with $1.8 million unpaid.
Now, the legal battle ensues, putting Zion Williamson and his family in a challenging situation as they navigate through the financial dispute.
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