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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
46.

Woot    

If you're stupid enough to a) listen to a jock whose brain has no doubt been damaged severely over the years or b) buy some idiotic product like this, deserves what they get; a useless nothing. They should be prohibited from suing based on sheer stupidity.

977 days ago
47.

Ida Clair    

People bought this thing? The commercials were laughable. Pull someone over backwards to demonstrate they are weak, then pull straight down on their arms to show they miraculously have strength. Completely silly.

977 days ago
48.

Hello123    

Do you people really believe TMZ???
Lawl. there not out of business there braclets actually do work. They just work psychologically. Science has proved it before look on youtube.

977 days ago
49.

Jason    

Ok ... a bunch of people talking about something they've never tried. I don't have one of these brands, but I have a ProConnect ... I've proven it to work, over and over. With it on, my back and knee problems are pretty much gone, and my balance is improved. I've gotten them for several people, and they DO work. So, keep talking **** when you haven't even tested the product.

977 days ago
50.

Jim Struck    

Here ya go

977 days ago
51.

DESToronto    

"Turns out ... size, strength and talent can't be sold in stores." OMG, really? And it turns out that BRAINS doesn't go hand in hand with size, strength, talent or celebrity. That was such an obvious scam.

977 days ago
52.

GYPSY    

YO I SEEL EM THERE THE **** I GOT A BUNCH LEFT ANY ONE WANT TO BUY ONE LET ME KNOW ILL GIVE YOU A SUPER CHEAP PRICE THEY REALLY DO WORK! THIS COMMENT IS NOT A JOKE IF UR INTERESTED LEAVE A COMMENT BELOW ILL EMAIL YOU :)

977 days ago
53.

patty    

hmmm - how can they declare bankruptcy on a 57 million case but they say they are still going to pay to support the sacramento kings an the arena?? how??

977 days ago
54.

DR    

Now if the same thing could happen to all their copycats... And all the alt-med peddlers like Dr Weil and Deepak "Love Guru" Chopra

977 days ago
55.

crimsons    

Doh.

977 days ago
56.

Ray     

any idiot who bought this crap, should consider this a cheap lesson in dont be a tool

977 days ago
57.

MP    

Didn't Harvey used to wear this for a time??

977 days ago
58.

Ali    

Demandaron a power balance y perdieron todo. Declararon bancarotta.

Hamudi

977 days ago
59.

esq777    

I think the settlement should be deportation of every moron that fell for this scam. Would be a quick way to raise the collective IQ of the country.

977 days ago
60.

Fuck Celebrities    

I can't believe there are people stupid enough to buy this crap.

977 days ago
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