PowerBalance Continues to Fight, Despite Lawsuit

More than likely, if you follow sports, you have heard of and seen athletes sporting PowerBalance rubber wristbands . A new lawsuit, however, is putting that company’s future in Jeopardy, though the company insists it will stay in business. According to a new report from The Huffington Post , “Power Balance filed for bankruptcy in federal court on Friday, but later posted a tweet saying they're not going out of business. Angry consumers who sued Power Balance, the company that makes those hologram-plastered athletic bracelets, will soon be winning a whopping $57 million settlement from the company, reports TMZ. The famous bracelets shot to popularity a few years ago and were soon spotted on the wrists of various celebs and pro-athletes. Costing about $30, the silicone jewelry featured a thin polyester film hologram that purportedly "enhanced the body's natural energy" and promoted balance in a design that was supposed to mimic Eastern philosophies. The claims seemed dubious from the get-go, even as California-based Power Balance began to swell in size and income. The trouble started for the company back in January, when disappointed consumers first filed a federal lawsuit claiming the bracelets packed no more power than a rubber band. Josh Rodarmel, 28, and his brother Troy, who founded the company, were forced to release a statement acknowledging that the bracelets' alleged magical power had no ground in science.” Were you one of the millions who purchased a wristband from PowerBalance? How do you feel about this development?