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Power Balance Bracelets

Forced to Pay $57 Million,

Expected to Close Shop

11/21/2011 8:53 AM PST BY TMZ STAFF

Drew Brees Power Bracelets
Power Balance -- the company that allegedly duped athletes into believing its bracelets could provide super-human strength -- is about to take a $57 million dollar hit in a lawsuit filed by people who called BS on the product ... TMZ has learned.

As we previously reported, a class action suit was filed in federal court in L.A. back in January ... alleging consumers were duped into believing the hologram-embedded band was scientifically proven to enhance balance, flexibility and strength. There was just one small problem -- there was never any hard evidence to back those claims.

Now, sources with direct knowledge of the situation tell TMZ ... the company has reached a settlement worth $57.4 million, intended to compensate all those who were misled into buying the product.

And it gets worse for PB -- we're told the company will be declaring bankruptcy and plans to fold up shop altogether.

The Power Balance bracelets CRUSHED IT when they first appeared on the scene a few years ago -- with superstars like Drew Brees and Shaq vouching for the product.

Turns out ... size, strength and talent can't be sold in stores.

update_bar

3:10 PM: Power Balance officially filed for bankruptcy this morning ... but afterward, the company posted a tweet stating, "Power Balance is not going out of business."

For more sports stories, check out tmzsports.com!
98 COMMENTS

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16.

Will always LOVE RJ    

PS....and they consider that no good WHORE "KENDRA BASKETT CASE" AS A ROLE MODEL.....BWAHAHAHAHA..ROFLMAO

1011 days ago
17.

manbearpig    

kind of amazed that this scam went on as long as it did.
there sure are a bunch of suckers out there!

1011 days ago
18.

Navin R. Johnson    

Pay to the order of Mrs. Wilbur Stark, one dollar and nine cents!

1011 days ago
19.

ManiacalZebra    

What idiot would ever believe claims like that? Wouldn't athletes know that there is no short cut to ability and skill?

1011 days ago
20.

Ace    

I'm wearing my power bracelet right now and making $85/hour working part-time on my computer. My check last month was $8195....what ya think?

1011 days ago
21.

SantaFeJack    

Talk about fools and their money being parted...this was classic. P.T.Barnum would have saluted them...until the lawsuit. In his day, if you were stupid enough to buy something as ridiculous as this, you were stuck with your loss.

1011 days ago
22.

Bud    

It figures. Look at the folks wearing them. The overpaid, cognitively challenged, football players.
They need nothing but a bank account and a pill box for their steroids.

1011 days ago
23.

toad    

Dummis that buy this crap crack me up!

1011 days ago
24.

Rob    

Promise morons hope and change and they will buy anything. MORONS!

1011 days ago
25.

Will always LOVE RJ    

..almost as DUMB as so STUPID rubber KardASShian bracelets they tried to con the American ppl with

1011 days ago
26.

Phil Mcl    

Shouldn't Drew Brees and Shaq be sued too. Because they said it worked for them. And most kids wouldn't have bought them except for their endorsement. Shouldn't stars and athletes be held accountable for their endorsements when they don't work.

1011 days ago
27.

FlamingoNut    

I can't believe that Ms. Cloe didn't warn them.

1011 days ago
28.

FlamingoNut    

Sorry, Miss Cleo.

1011 days ago
29.

Phil    

From Athletics To Business By: Darius Allen

Why do so many athletes end up in financial ruin? This book uncovers the principles that make athletes and millionaires more susceptible to economic ruin and bad behavior.
Discover the 12 universal attributes that athletics teaches that should help mold athletes into prime candidates for post career success. Let help put an end to this plague that has troubles athletes for almost a century

www.fromathleticstobusiness.com

1011 days ago
30.

Dustin    

Anyone stupid enough to buy one of those deserved to lose money.

1011 days ago
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