Kalshi’s Tribal Deal Faces Legal Challenge Amid Leadership Dispute
“We expect the case to be dismissed,” one of the defendants told FOS.
A lawsuit has been filed against Kalshi, its CEO Tarek Mansour, one of the two men claiming to be the chief of the Alabama-Quassarte Tribal Town, Michael Stopp, and the broker who facilitated the deal. The Alabama-Quassarte Tribal Town, with a membership under 500, claims that the leadership dispute has damaged its reputation, business relationships, and commercial goodwill.
Kalshi and its CEO are named as defendants along with the two chiefs and the consultant Michael Stopp. The lawsuit seeks a restraining order to prevent the launch of the prediction-market app, PokkeTrades, which is set to launch this month. The tribe's exclusion from a national American Indian convention has also been attributed to its association with PokkeTrades.
The U.S. Department of the Interior's Bureau of Indian Affairs lists both chiefs as having claim to lead the tribe due to the ongoing leadership dispute.
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