StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping
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Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping
#2> StubHub and its CEO, Eric Baker, have been hit with a proposed $5-million class-action lawsuit
This should be much higher. A class action lawsuit shouldn’t be worth less than what these people can make scalping a single Taylor Swift concert.
This just opens an opportunity for them to settle, admit no wrongdoing and then include a clause in the settlement that prevents further lawsuits.
Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping
#3For StubHub to have insider dealing isn't so surprising, but I am shocked at how brazenly and openly it's occurring. Nothing covert or concealed, just the CEO of a marketplace openly admitting that they run a hedge fund that resells scalped goods on that marketplace while keeping other scalpers off the platform.
Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping
#4For StubHub to have insider dealing isn't so surprising, but I am shocked at how brazenly and openly it's occurring. Nothing covert or concealed, just the CEO of a marketplace openly admitting that they run a hedge fund that resells scalped goods on that marketplace while keeping other scalpers off the platform.
welcome to america 2026. where it's not only encouraged but expected that you're lying, cheating, and stealing your way to the top.
Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping
#5Scummy behavior, but customers are also tacitly endorsing high prices when they pay $1500 for a Taylor Swift (or name your artist) ticket.
Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping
#6For StubHub to have insider dealing isn't so surprising, but I am shocked at how brazenly and openly it's occurring. Nothing covert or concealed, just the CEO of a marketplace openly admitting that they run a hedge fund that resells scalped goods on that marketplace while keeping other scalpers off the platform.
no, it gets more layers.. a quick search says "Through its affiliate Colloquy Capital, StubHub helps bankroll other mass ticket scalpers by providing short-term financing based on expected future sales, further inflating the volume of professional resellers on the platform." (I have no direct knowledge of these participants)
Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping
#7I don’t really understand the outrage over scalpers. Isn’t this just normal market behavior? Is a retailer that buys things and sells them with a markup a scalper?
People seem to be willing to pay crazy prices for events.
Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping
#8> StubHub and its CEO, Eric Baker, have been hit with a proposed $5-million class-action lawsuit This should be much higher. A class action lawsuit shouldn’t be worth less than what these people can make scalping a single Taylor Swift concert. This just opens an opportunity for them to settle, admit no wrongdoing and then include a clause in the settlement that prevents further lawsuits.
IANAL, but the exact language from the complaint was:
>WHEREFORE, Plaintiff, individually and on behalf of the Class, respectfully requests that this Court:
>...
>Award compensatory, statutory, and/or restitutionary damages, as applicable, in an amount to be determined at trial and that the aggregate amount in controversy across the whole class exceeds $5,000,000;
it doesn't say that the damages are capped at 5M, only that they're asking for at least 5M.
Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping
#9For StubHub to have insider dealing isn't so surprising, but I am shocked at how brazenly and openly it's occurring. Nothing covert or concealed, just the CEO of a marketplace openly admitting that they run a hedge fund that resells scalped goods on that marketplace while keeping other scalpers off the platform.
welcome to america 2026. where it's not only encouraged but expected that you're lying, cheating, and stealing your way to the top.
2026? As if stubhub/ticketmaster only materialized after trump2?
Re: StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping
#10Scummy behavior, but customers are also tacitly endorsing high prices when they pay $1500 for a Taylor Swift (or name your artist) ticket.
You're not entirely wrong, but the root issue is artists not charging the market clearing price for tickets. If you're selling something worth $1000 for $200, you shouldn't be surprised arbitrageurs pop up to take advantage.