StubHub, CEO hit with ‘deceptive practices’ class action over mass scalping

darth_avocado

> 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.

i_am_jl

For 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.

xnx

Scummy behavior, but customers are also tacitly endorsing high prices when they pay $1500 for a Taylor Swift (or name your artist) ticket.

vjvjvjvjghv

I 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.

nubinetwork

We've known for years that ticketmaster scams their tickets on StubHub. Concerts selling out instantly, to only see tons of tickets on stub... I'm sure if they get shut down, they'll just do it again under a different name, but they can't pretend it's a small handful of scalpers when they're the ones doing it themselves.

dclaw

End it. Make reselling tickets illegal again overall. Allow resale within 5 days of the show only (for those that genuinely can't make it), and for face value+original fees only.

dopamean

The article makes it sound like the information about Andro is new but it has been known for years. An SEC filing[0] from March of last year mentions it and I was able to find a post on Wall Street Oasis[1] talking about Andro three years ago. Awful, predatory behavior for sure. Is it just the issues with the World Cup ticket sales that have made people care about this? [0] https://www.sec.gov/Archives/edgar/data/1337634/000119312525... [1] https://www.wallstreetoasis.com/forum/private-equity/andro-c...

desktopentree

i see this less as a pricing or free market issue and more of a governance concern. trading against your own consumer base isn't free market.