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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

No Avatar
31.

Cheryl A.    

I tried it at a mall a few years ago, telling the salesman that it was a joke and actually tipped over when trying to stand on one leg. It's just cheap trash.

1031 days ago
32.

Bic    

Knew this months ago that it was a scam, see
http://www.miller-mccune.com/culture/magical-elixirs-and-beneficial-bracelets-28212/

1031 days ago
33.

James    

Maybe they should make the celebrities endorsing these products more responsible for their integrity. I know they aren't forcing you to buy it but its their job to try to...just sayin!

1031 days ago
34.

dude    

it works. it help my back problems.

1031 days ago
35.

Kaffee    

Anybody who spent their money on this is dumber than dumb and should NOT get a refund. They deserve their lesson in the "too good to be true" category.

1031 days ago
36.

Mrs. Gossip     

This was total BS for the start so I told you so. Anyway I just got a shipment of magic beans from my man Jack. These beans are the ****..

1031 days ago
37.

robw    

of course a scam. brees shaq and others clearly will take money for anything. i saw this stuff at one of the marathon expos where you pick up race bib and bags. i cannot believe how many they sold

1031 days ago
38.

ROBERTO    

Yes! This is snake oil and I'm sure Chapter 11 was part of the plan. They may be going out of business, but, I'll bet their bank accounts are a lot bigger now than when they started the scam. They're going to come back with a new name and a new scam right away.

1031 days ago
39.

stu    

hey losers...i got some land in Hawaii i'm looking to sell.

1031 days ago
40.

Chun LI    

Stupid idiots who brought it don't deserve anything back.

1031 days ago
41.

NocturnalDirtPeople    

I dont get why anyone would sue how much was the bracelet and how dumb are you to have bought one. Sounds like one of those to good to be true probably is things. So now it does not work so im going to sue wow. People have very little common sense.

1031 days ago
42.

A-Rose    

Are the celebrities that vouched for this ridiculously phony product also part of this lawsuit? This bracelet is akin to wearing a bracelet for birth control. How anyone could fall for this OR endorse it should be embarrassed.

1030 days ago
43.

JohnnyBoy    

I just sold ice to an eskimo and the Brooklyn Bridge to Mexico.

1030 days ago
44.

KP    

My guess is that this bracelet is an Asian invention amd they swear it for its energy emitting stone called Tourmaline (black to green in color. Supposedly, cures cancer as well for its anti-oxident properties.

1030 days ago
45.

LindyLou    

I can't believe anyone fell for this scam! Why the hell people thought that a rubber bracelet with a plastic, holographic insert was going to give them super power is beyond me?? I'll bet they're the same people crying foul because they didn't receive their 400 million U.S. dollars from Dr. Screwyouover when he promised it to them if they gave him their personal and bank account details for the deposit!!! F**k me, some people are beyond help!!

1030 days ago
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