Santa Ana, CA: Power Balance LLC, a Lake Forest company that made Power Balance bracelets, has reportedly settled a consumer fraud class action lawsuit this week for $57.4 million and filed for federal bankruptcy protection. The details and amount of the settlement remain to be confirmed.
The company was sued over allegations of misleading advertising, advertising that allegedly claimed the hologram-embedded rubber bracelets enabled the wearers to "achieve their best." Power Balance was founded by Troy and Josh Rodarmel founded in 2007.
