PSA Hit With Class Action Lawsuit For Trading Card Grading

Tabletop Games

Aug 1

Trading card company Professional Sports Authenticator (PSA) and its parent company, Collectors Holdings Inc., have been named as defendants in a class action lawsuit. The company and its parent company are being accused of forming a monopoly in the trading card space by buying out potential grading competition, allegedly mishandling the grading of trading cards through misleading advertisements and silently adjusting grade standards, and violating the RICO Act. The individual bringing these allegations forward is Nicholas Holt and “similarly situated persons and entities.” They are seeking financial compensation, grading fee restitution, and reform to PSA policy, among other things. The companies are being specifically challenged in Maryland.

PSA is a grading company for collector items, specializing in trading cards; this means that trained authenticators with PSA are meant to examine a subject to determine if it is real and give it a rating based on condition from one to ten. Pricing for such a service with the company starts at $79.99 per card at this time. As stated on the company's website, “PSA is the largest and most respected third-party authentication and grading company in the world for trading cards and memorabilia.” The system has allegedly been riddled with inconsistencies, the most notable being the first card the company graded, which was reportedly trimmed and subsequently broke rules on alterations of trading cards. PSA has not responded to the filing at this time.

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