Adidas didn’t violate federal securities laws by failing to warn its shareholders about offensive behind-the-scenes behavior from Ye (formerly known as Kanye West) before his downfall, a federal appeals court says.

A lawsuit claimed Adidas knew internally about serious problems with Ye as early as 2018 but didn’t disclose them, misleading investors and leaving them to face losses when his antisemitic rants finally killed the lucrative Yeezy partnership in late 2022. Among other things, they claimed Ye had mentioned Hitler to Adidas staffers as a possible album name.

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