Excel Fields, Editor Atlanta Business Insider
Whether they know it or not, all Division One Football Players and Division One Basketball players are a part of a Class Action lawsuit started by former UCLA Basketball Star Ed O’Bannon. They are suing for a portion of the revenue generated from TV Deals and Video Games specifically.
The class-action lawsuit has made such a small ripple in the news, that many players don’t know they are involved in a lawsuit, the WSJ reports.
Colter isn’t looking for NFL-type cash payments, but rather an account funded by TV and licensing revenues that players could access when they need it most: after college.
“Obviously football, basketball, it’s been turned into a huge business and it brings in a lot of money to the NCAA and to these institutions,” Colter said. “It’s only right to help out, really, the employees who are bringing in this money.”
The class action could make Colter’s hopes a reality. In 2009, former UCLA basketball star Ed O’Bannon started the suit because he thought it unfair that the NCAA could license his image for a videogame or sell broadcast rights to games he played in while prohibiting him from receiving any proceeds.
On Nov. 8, a federal judge declared the case a class action, meaning that all Division I men’s basketball players and bowl-subdivision football players are suing the NCAA unless they opt out.
Read More at: Wall Street Journal