Remember around this time last year when everyone was not only ramping up for March Madness, but also dreaming of the highly improbable chance of winning $1 billion courtesy of Quicken Loans and legendary investor and businessman Warren Buffet?
It was called the "Billion Dollar Bracket Challenge." Simply put, if anyone could submit a perfect bracket through Yahoo! Inc. for the 2014 NCAA men’s basketball tournament, they had a chance to become a billionaire. The feat seemed impossible given the 68 teams in the tournament, and its famous reputation for being completely unpredictable.
No one won last year and no one will win in 2015 either because there is no contest and now Buffet’s company Berkshire Hathaway, Yahoo and a small promotion company called SCA Promotions are now tangled up in court.
According to court documents obtained by CNN Money, the civil dispute is over who originally came up with the idea.
SCA Promotions originally filed a suit against Yahoo for allegedly refusing to hold the contest, and Yahoo countersued SCA for going to Berkshire to obtain a $1 billion insurance policy presumably to cover cost of any one actually winning.
Then in February, Yahoo had subpoenas sent to Berkshire to find information on its talks with SCA, and even Buffet’s "communications" with SCA regarding the challenge.
Bershire later asked a judge to throw the subpoenas out, and according to CNN Money called them “overboard” and “unduly burdensome.
SCA Promotions might not be a household name, but it has been involved in a similar dispute recently. Last month, a Texas state court ordered former cycling champion Lance Armstrong to pay back $10 million in prize money.
Nevertheless, while you can’t win $1 billion this year, you can still win your office pool. The first round of the NCAA Tournament begins Tuesday, March 17, with all brackets likely due in by then.