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Michael Avenatti Charged With Attempting To Extort More Than $20M From Nike

Attorney Michael Avenatti has been charged with four counts related to extortion by the U.S. Attorney’s Office for the Southern District of New York today after allegedly attempting to extract millions of dollars from Nike Inc.
Court documents state that Avenatti tried to extort $22.5 million from Nike by threatening to reveal evidence that would cause damage to its reputation ahead of the company’s quarterly earnings call and before the start of the annual NCAA basketball tournament. The documents state Avenatti planned to reveal information of misconduct of Nike employees.
According to court documents, a client of Avenatti, described as the coach of a Nike-sponsored Amateur Athletic Union men’s basketball team in California, had evidence that Nike employees “funded payments to the families of top high school basketball players and/or their families and attempted to conceal those payments.” The coach did not intend to renew the contract with Nike, according to the document.
The documents state that Avenatti intended to reveal the evidence publicly before the company’s March 21 Q3 conference call, which would negatively affect Nike’s market value, unless Nike paid his client $1.5 million and hire him to conduct an internal investigation of the company. Avenatti and his client, according to

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Via:: https://footwearnews.com/2019/business/legal-news/nike-basketball-scandal-michael-avenatti-college-lawsuit-1202764233/