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Under Armour founder Kevin Plank and MSNBC TV anchor Stephanie Ruhle's communication uncovered in court | Fortune
<!DOCTYPE html><html lang="en"><head><meta charSet="utf-8"/><meta name="viewport" content="width=device-width"/><title>Under Armour founder Kevin Plank and MSNBC TV anchor Stephanie Ruhle's communication uncovered in court | Fortune</title><meta name="msapplication-TileColor" content="#ffc40d"/><meta name="theme-color" content="#FFFFFF"/><meta name="description" content="Under Armpit's Plank described the then Bloomberg anchor Ruhle as a "confidant.""/><meta name="author" content="Orianna Rosa Royle"/><meta name="keywords" content=""/><meta property="og:url" content="https://fortune.com/2023/08/30/kevin-plank-stephanie-ruhle-under-armour-tv-anchor-relationship-court-filing/"/><meta property="og:type" content="article"/><meta property="og:title" content="TV anchor had a secret phone for conversations with Under Armour founder Kevin Plank"/><meta property="og:description" content="The MSNBC anchor confirmed that she had three phones: a work phone, a personal phone and a “Kevin Plank phone”. 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stdDeviation='20'/%3E%3CfeColorMatrix values='1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 100 -1' result='s'/%3E%3CfeFlood x='0' y='0' width='100%25' height='100%25'/%3E%3CfeComposite operator='out' in='s'/%3E%3CfeComposite in2='SourceGraphic'/%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3C/filter%3E%3Cimage width='100%25' height='100%25' x='0' y='0' preserveAspectRatio='none' style='filter: url(%23b);' href='data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mO8fv1mPQAIHAMIsIR6agAAAABJRU5ErkJggg=='/%3E%3C/svg%3E")" sizes="100vw" srcSet="https://fortune.com/img-assets/wp-content/uploads/2023/08/GettyImages-496846838-e1693391982295.jpg?w=320&q=75 320w, https://fortune.com/img-assets/wp-content/uploads/2023/08/GettyImages-496846838-e1693391982295.jpg?w=384&q=75 384w, https://fortune.com/img-assets/wp-content/uploads/2023/08/GettyImages-496846838-e1693391982295.jpg?w=480&q=75 480w, https://fortune.com/img-assets/wp-content/uploads/2023/08/GettyImages-496846838-e1693391982295.jpg?w=576&q=75 576w, https://fortune.com/img-assets/wp-content/uploads/2023/08/GettyImages-496846838-e1693391982295.jpg?w=768&q=75 768w, https://fortune.com/img-assets/wp-content/uploads/2023/08/GettyImages-496846838-e1693391982295.jpg?w=1024&q=75 1024w, https://fortune.com/img-assets/wp-content/uploads/2023/08/GettyImages-496846838-e1693391982295.jpg?w=1280&q=75 1280w, https://fortune.com/img-assets/wp-content/uploads/2023/08/GettyImages-496846838-e1693391982295.jpg?w=1440&q=75 1440w" src="https://fortune.com/img-assets/wp-content/uploads/2023/08/GettyImages-496846838-e1693391982295.jpg?w=1440&q=75"/><div data-cy="caption" class="sc-762dcccc-9 fbephs">The latest filings around Plank and Ruhle's relationship raise a host of questions about the boundary reporters must maintain with the powerful people that they cover—and vice versa.</div><div data-cy="credit" class="sc-762dcccc-10 ebMnGM">CNBC / NBCUniversal — Getty Images</div></div></div><div class="sc-9d11c37b-6 ccKQGH trinity-player"><div class="trinity-tts-pb" dir="ltr"></div></div><div class="sc-9d11c37b-1 gGsili"><div class="sc-9d11c37b-2 diFVtX"><div id="article-content" class="sc-9d11c37b-3 kZBgtU"><div><div data-cy="article-content" class="rawHtml-content-no-nativo"><p>A court case has uncovered the unusual relationship between <a href="https://fortune.com/company/under-armour/" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://fortune.com/company/under-armour/">Under Armour</a> founder Kevin Plank and MSNBC anchor Stephanie Ruhle—revealing the two communicated at “all hours” via a secret phone and email address.</p><div class="paywall-selector"></div><div class="paywall"> <p>According to newly unsealed court documents, the 51-year-old billionaire allegedly shared confidential financial information about the sportswear giant with Ruhle when she was a Bloomberg Television news anchor. He also sought her assistance in countering concerns about declining sales.</p><div class="related-video-container hidden"><div class="sc-b2504c1d-0 dTxuPI"><div class="sc-c5bbce56-0 ipVLKc"></div><div class="sc-c5bbce56-0 gZwXGO video-placeholder"></div></div></div> <p>The duo’s close ties were first reported by <a href="https://www.wsj.com/business/media/under-armour-kevin-plank-stephanie-ruhle-66cb65b5" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.wsj.com/business/media/under-armour-kevin-plank-stephanie-ruhle-66cb65b5" rel="noopener">the Wall Street Journal</a> in 2019, but now their relationship—which included trips on Plank’s private jet—is under the lens in court.</p> <p>Plank, the current executive chairman of Under Armour, stands accused of providing Ruhle with “non-public financial information” about the company.</p> <p>The lawsuit, filed by shareholders in 2017 in a federal court in Maryland, alleges that Under Armour artificially inflated its share price, resulting in losses for them.</p> <p>Shareholders claim that Plank and his associates were aware of a decline in sales and so employed improper tactics to sustain the growth momentum. </p> <p>This allegedly included enlisting Ruhle’s help to undermine a January 2016 report by <a href="https://fortune.com/company/morgan-stanley/" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://fortune.com/company/morgan-stanley/">Morgan Stanley</a> which highlighted the weakening sales data.</p> <p>A spokesperson for Under Armour told <em>Fortune</em> the documents have “no bearing on the case,” adding that Plank had “utilized confidential advice or counsel from a number of outside advisors from different fields of expertise, and that is what these documents show. Furthermore, none of the information was used improperly.”</p> <p>Highlighting that a federal judge in the Southern District of New York has previously ruled against the plaintiffs, the company added: “The claims asserted by plaintiffs’ counsel are meritless and are being defended vigorously in the ongoing Maryland litigation, which has been pending for more than six years.”</p> <p>Bloomberg did not immediately respond to <em>Fortune’s</em> request for comment.</p> <h2 class="wp-block-heading">An unlikely confidant</h2> <p>Plank has grown Under Armour—founded in 1996—from a moisture-wicking shirt maker for football players into a global brand with approximately <a href="https://www.statista.com/statistics/259174/net-sales-of-under-armour-worldwide/#:~:text=Under%20Armour%20is%20an%20American,year%20ended%20March%2031%2C%202023." target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.statista.com/statistics/259174/net-sales-of-under-armour-worldwide/#:~:text=Under%20Armour%20is%20an%20American,year%20ended%20March%2031%2C%202023." rel="noopener">$5.9 billion in annual sales</a> and thousands of employees. </p> <p>But the sportswear giant has struggled to move on from a scrappy company culture, having been embroiled in various complaints from <a href="https://www.cnbc.com/2018/11/05/under-armour-employees-no-longer-allowed-to-expense-strip-club-visits.html" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.cnbc.com/2018/11/05/under-armour-employees-no-longer-allowed-to-expense-strip-club-visits.html" rel="noopener">strip club visits</a> to inappropriate behavior by executives.</p> <p>Now the latest filings around Plank and Ruhle’s relationship raise a host of ethical questions about the boundary reporters must maintain with the powerful people that they cover—and vice versa. </p><div data-cy="nativoTout"></div> <p>Former and current executives reportedly told the <a href="https://www.wsj.com/articles/meet-under-armour-ceos-unusual-adviser-an-msnbc-anchor-11550763306?st=v0cfuemqqld1fr7&reflink=desktopwebshare_permalink" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.wsj.com/articles/meet-under-armour-ceos-unusual-adviser-an-msnbc-anchor-11550763306?st=v0cfuemqqld1fr7&reflink=desktopwebshare_permalink" rel="noopener">WSJ</a> Plank’s use of the jet and his relationship with Ruhle were among the many ways the CEO blurred the distinction between his personal and professional activities. </p> <p>“There are clear lines between the company and Mr. Plank’s private interests, and he is accountable to the board for this,” Kelley <a href="https://fortune.com/company/mccormick/" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://fortune.com/company/mccormick/">McCormick</a>, Under Armour’s senior vice president of communications told the publication.</p> <p>During a deposition earlier this year, Plank, who stepped down as Under Armour CEO in 2019 before taking the role of chairman, was asked to describe the nature of his relationship with Ruhle. </p> <p>“She’s a confidant,” he responded, according to the <a href="https://www.wsj.com/business/media/under-armour-kevin-plank-stephanie-ruhle-66cb65b5?st=s3tkvit9w6h84v7&reflink=desktopwebshare_permalink" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.wsj.com/business/media/under-armour-kevin-plank-stephanie-ruhle-66cb65b5?st=s3tkvit9w6h84v7&reflink=desktopwebshare_permalink" rel="noopener">WSJ</a>. “I would give her counsel on her career and she would give me counsel on things I was dealing with that were either banking or media or human nature in relation.” </p> <p>When asked during his deposition about the Morgan Stanley report, Plank said the two “had an understanding of trust.” </p> <p>“She didn’t trade in this, her family doesn’t trade in this. She’s simply giving me input,” Plank said.</p> <p>When Ruhle sat for her deposition, she admitted to taking at least two trips with Plank on his private jet: once from Cannes, France, to New York and another time from New York to Baltimore. </p> <p>When pressed on whether she took the trips as Plank’s friend or as a journalist, Ruhle said: “I was flying on his plane as myself, Stephanie Ruhle. I’m not really in a category as one or the other.”</p> <p>The MSNBC anchor also confirmed that she had three phones: a work phone, a personal phone and a so-called “Kevin Plank phone”. </p> <p>“We were friends and I covered his company,” the anchor added.</p> <h2 class="wp-block-heading">Morgan Stanley email chain uncovered</h2> <p>On January 10, 2016, Morgan Stanley <a href="https://www.bloomberg.com/news/articles/2016-01-11/under-armour-tumbles-after-analyst-says-it-has-a-woman-problem" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.bloomberg.com/news/articles/2016-01-11/under-armour-tumbles-after-analyst-says-it-has-a-woman-problem" rel="noopener">released a report</a> in which it downgraded the rating of Under Armour stock and lowered its price target, citing a slowdown in sales trends. </p> <p>Despite being in a “quiet period” that prevented public communication, Plank discussed privately with Ruhle how to dismiss the report, according to documents in the lawsuit.</p> <p>The following day, Ruhle emailed Under Armour’s former communications executive Diane Pelkey for data that would contradict the report—and then advised they send it to media outlets.</p> <p>″This content is perfect just in case anyone decides to cover the Morgan Stanley thing—it combats any risk of negativity,” Ruhle wrote in an email littered with typos to the executive, according to the <a href="https://www.wsj.com/business/media/under-armour-kevin-plank-stephanie-ruhle-66cb65b5?st=s3tkvit9w6h84v7&reflink=desktopwebshare_permalink" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.wsj.com/business/media/under-armour-kevin-plank-stephanie-ruhle-66cb65b5?st=s3tkvit9w6h84v7&reflink=desktopwebshare_permalink" rel="noopener">WSJ</a>.</p> <p>Later that afternoon, Ruhle reportedly raised doubts about the data presented in the Morgan Stanley report on Bloomberg.</p> <p>A couple of weeks later, when Under Armour reported positive quarterly results, Plank emailed Ruhle “look at that stock!!!” before allegedly helping her bag an interview with basketball player and Under Armour athlete Stephen Curry.</p> <p>Court documents allege Plank told his communications executive in an email that the Curry interview was “a great thank you for being the only member of media to get UA’s back when [Morgan Stanley] came out against us.”</p> <p>On Feb. 2, <a href="https://www.bloomberg.com/news/videos/2016-02-02/stephen-curry-vs-stephanie-ruhle-on-the-court" target="_blank" class="sc-93594058-0 fowfrQ " aria-label="Go to https://www.bloomberg.com/news/videos/2016-02-02/stephen-curry-vs-stephanie-ruhle-on-the-court" rel="noopener">Bloomberg posted the interview</a>, which included Ruhle playing basketball with Curry. </p></div><div class="sc-30bdb254-0 kxagCu article" data-cy="subscriptionPlea"><b>How many degrees of separation are you from the globe's most powerful business leaders? </b>Explore who made our brand-new list of the <a href="https://fortune.com/ranking/most-powerful-people/?&itm_source=fortune&itm_medium=article_tout" target="_self" class="sc-93594058-0 fowfrQ " aria-label="Go to https://fortune.com/ranking/most-powerful-people/?&itm_source=fortune&itm_medium=article_tout">100 Most Powerful People in Business</a>. Plus, learn about the metrics we used to make it.</div></div></div><div class="sc-d331eee9-11 grvWtf"><div class="sc-d331eee9-10 cYdiLE simple"></div></div><div class="sc-9d11c37b-5 czxqeH"></div></div><div class="sc-6cf2855c-0 kExlxv latest-popular-module"><div class="sc-6cf2855c-3 arJkf heading"><h2 class="sc-3358ecfd-0 sc-6cf2855c-4 iHarim dpCFYu latest-popular-title">Latest in Leadership</h2></div><ul data-cy="post-list" class="sc-6cf2855c-1 kHgwqz latest-popular-content"><li class="sc-6cf2855c-2 lmrGQL content-wrapper"><span class="sc-6cf2855c-5 gngcCZ time-ago-wrapper">0 minutes ago</span><div class="sc-e3c4bc02-0 dvEGRk content"><div class="sc-e3c4bc02-1 dcxLXD card"><img alt="Paul Beswick is senior vice president and the global chief information officer of Marsh McLennan." loading="lazy" width="735" height="490" decoding="async" data-nimg="1" class="card-image" style="color:transparent;height:auto;object-fit:cover;width:100%;background-size:cover;background-position:50% 50%;background-repeat:no-repeat;background-image:url("data:image/svg+xml;charset=utf-8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 735 490'%3E%3Cfilter id='b' color-interpolation-filters='sRGB'%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3CfeColorMatrix values='1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 100 -1' result='s'/%3E%3CfeFlood x='0' y='0' width='100%25' height='100%25'/%3E%3CfeComposite operator='out' in='s'/%3E%3CfeComposite in2='SourceGraphic'/%3E%3CfeGaussianBlur stdDeviation='20'/%3E%3C/filter%3E%3Cimage width='100%25' height='100%25' x='0' y='0' preserveAspectRatio='none' style='filter: url(%23b);' href='data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABCAYAAAAfFcSJAAAADUlEQVR42mO8fv1mPQAIHAMIsIR6agAAAABJRU5ErkJggg=='/%3E%3C/svg%3E")" sizes="(max-width: 768px) 100vw, 450px" srcSet="https://fortune.com/img-assets/wp-content/uploads/2024/11/Paul-Beswick_New-Headshot_Feb2024.jpg?w=320&q=75 320w, https://fortune.com/img-assets/wp-content/uploads/2024/11/Paul-Beswick_New-Headshot_Feb2024.jpg?w=384&q=75 384w, https://fortune.com/img-assets/wp-content/uploads/2024/11/Paul-Beswick_New-Headshot_Feb2024.jpg?w=480&q=75 480w, https://fortune.com/img-assets/wp-content/uploads/2024/11/Paul-Beswick_New-Headshot_Feb2024.jpg?w=576&q=75 576w, https://fortune.com/img-assets/wp-content/uploads/2024/11/Paul-Beswick_New-Headshot_Feb2024.jpg?w=768&q=75 768w, https://fortune.com/img-assets/wp-content/uploads/2024/11/Paul-Beswick_New-Headshot_Feb2024.jpg?w=1024&q=75 1024w, https://fortune.com/img-assets/wp-content/uploads/2024/11/Paul-Beswick_New-Headshot_Feb2024.jpg?w=1280&q=75 1280w, https://fortune.com/img-assets/wp-content/uploads/2024/11/Paul-Beswick_New-Headshot_Feb2024.jpg?w=1440&q=75 1440w" src="https://fortune.com/img-assets/wp-content/uploads/2024/11/Paul-Beswick_New-Headshot_Feb2024.jpg?w=1440&q=75"/><div class="eyebrow"><span class="sc-2f1a523b-2 loCKOS link-wrapper"><a href="https://fortune.com/section/newsletters/" target="_self" class="sc-93594058-0 bDVrCz section-link styled-custom-link " data-cy="postEyebrow" aria-label="Go to article's section Newsletters">Newsletters</a></span><span class="sc-2f1a523b-1 bELjCH hyphen" aria-hidden="true"> <!-- -->-<!-- --> </span><span class="sc-2f1a523b-2 loCKOS link-wrapper"><a href="https://fortune.com/tag/cio-intelligence/" target="_self" class="sc-93594058-0 bDVrCz topic-link styled-custom-link " data-cy="postEyebrow" aria-label="Go to article's topic CIO Intelligence">CIO Intelligence</a></span></div><h2 class="sc-e3c4bc02-2 jVKXyH title-link-wrapper"><a href="https://fortune.com/2024/11/27/marsh-mclennans-cio-started-with-a-summer-job-in-1995-he-never-left-and-now-leads-a-team-of-more-than-5000-technologists/" target="_self" class="sc-93594058-0 fowfrQ title-link styled-custom-link " data-cy="postTitle" aria-label="Go to full article Marsh McLennan’s CIO started with a summer job in 1995. 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has more than tripled in value.","eyebrowSectionLabel":"Success","eyebrowSectionLink":"/section/success","eyebrowTagLabel":"","eyebrowTagLink":"","image":{"altText":"","caption":"","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1674398282-e1732578046583.jpg"},"title":"NFL legend Rob Gronkowski’s best-ever investment: $69,000 worth of Apple stock he bought on advice from his contractor","titleLink":"https://fortune.com/2024/11/26/rob-gronkowski-net-worth-apple-stock/?itm_source=parsely-api"},{"authors":[{"name":"Prarthana Prakash","uri":"/author/prarthana-prakash","__typename":"MostPopularAuthors","email":"","image":"","sameAs":"","type":"","url":"/author/prarthana-prakash/"}],"contentType":null,"date":"2024-11-26T11:31:00","dateFormatted":"November 26, 2024","dateGMT":"2024-11-26T11:31:00","dateGMTFormatted":"November 26, 2024","dateUpdated":"2024-11-26T10:48:55","dateUpdatedFormatted":"November 26, 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But Bernard Arnault doesn't plan to retire just yet. ","eyebrowSectionLabel":"Success","eyebrowSectionLink":"/section/success","eyebrowTagLabel":"","eyebrowTagLink":"","image":{"altText":"","caption":"","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-2154269586-e1732571806879.jpg"},"title":"LVMH’s Bernard Arnault got a letter from 93-year-old Warren Buffett saying he was making a mistake by upping his retirement age to only 80","titleLink":"https://fortune.com/europe/article/lvmh-bernard-arnault-warren-buffett-letter-mistake-by-upping-retirement-age-only-80/?itm_source=parsely-api"},{"authors":[{"name":"Emma Hinchliffe","uri":"/author/emma-hinchliffe","__typename":"MostPopularAuthors","email":"","image":"","sameAs":"","type":"","url":"/author/emma-hinchliffe/"},{"name":"Nina Ajemian","uri":"/author/nina-ajemian","__typename":"MostPopularAuthors","email":"","image":"","sameAs":"","type":"","url":"/author/nina-ajemian/"}],"contentType":null,"date":"2024-11-25T14:00:16","dateFormatted":"November 25, 2024","dateGMT":"2024-11-25T14:00:16","dateGMTFormatted":"November 25, 2024","dateUpdated":"2024-11-25T09:00:16","dateUpdatedFormatted":"November 25, 2024","dateUpdatedGMT":"2024-11-25T14:00:47","dateUpdatedGMTFormatted":"November 25, 2024","excerpt":"Wojcicki spent her final months raising awareness and donating millions to lung cancer research. ","eyebrowSectionLabel":"Newsletters","eyebrowSectionLink":"/section/newsletters","eyebrowTagLabel":"","eyebrowTagLink":"","image":{"altText":"","caption":"","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1052219774-e1732542181965.jpg"},"title":"Former YouTube CEO Susan Wojcicki shares a final message three months after her death from lung cancer","titleLink":"https://fortune.com/2024/11/25/former-youtube-ceo-susan-wojcicki-shares-a-final-message-three-months-after-her-death-from-lung-cancer/?itm_source=parsely-api"},{"authors":[{"name":"Chloe Berger","uri":"/author/chloe-berger","__typename":"MostPopularAuthors","email":"","image":"","sameAs":"","type":"","url":"/author/chloe-berger/"}],"contentType":null,"date":"2024-11-25T17:41:36","dateFormatted":"November 25, 2024","dateGMT":"2024-11-25T17:41:36","dateGMTFormatted":"November 25, 2024","dateUpdated":"2024-11-25T17:33:05","dateUpdatedFormatted":"November 25, 2024","dateUpdatedGMT":"2024-11-25T22:33:05","dateUpdatedGMTFormatted":"November 25, 2024","excerpt":"CEO of Berkshire Hathaway warns that the difference between a family crumbling or getting closer can lie within will planning.\r\n","eyebrowSectionLabel":"Success","eyebrowSectionLink":"/section/success","eyebrowTagLabel":"","eyebrowTagLink":"","image":{"altText":"","caption":"","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-1541106661-e1732555457975.jpg"},"title":"Warren Buffett issues a warning for all parents ahead of the $84 trillion Great Wealth Transfer","titleLink":"https://fortune.com/2024/11/25/warren-buffett-advice-will-planning-great-wealth-transfer/?itm_source=parsely-api"},{"authors":[{"name":"AFP","uri":"/author/afp","__typename":"MostPopularAuthors","email":"","image":"","sameAs":"","type":"","url":"/author/afp/"}],"contentType":null,"date":"2024-11-26T10:43:23","dateFormatted":"November 26, 2024","dateGMT":"2024-11-26T10:43:23","dateGMTFormatted":"November 26, 2024","dateUpdated":"2024-11-26T10:11:57","dateUpdatedFormatted":"November 26, 2024","dateUpdatedGMT":"2024-11-26T15:11:57","dateUpdatedGMTFormatted":"November 26, 2024","excerpt":"Truong My Lan was found guilty of embezzling $12.5 billion, but prosecutors said the total damages caused by the scam amounted to $27 billion—equivalent to around 6% of the country's 2023 GDP.","eyebrowSectionLabel":"Finance","eyebrowSectionLink":"/section/finance","eyebrowTagLabel":"","eyebrowTagLink":"","image":{"altText":"","caption":"","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-2147042889_0744ba-e1732617623281.jpg"},"title":"Vietnam property tycoon sentenced to death for $27B fraud begs court to spare her life, saying she is trying to repay funds","titleLink":"https://fortune.com/asia/2024/11/26/vietnam-property-tycoon-sentenced-death-27bn-fraud-begs-court-spare-life/?itm_source=parsely-api"},{"authors":[{"name":"Chloe Berger","uri":"/author/chloe-berger","__typename":"MostPopularAuthors","email":"","image":"","sameAs":"","type":"","url":"/author/chloe-berger/"}],"contentType":null,"date":"2024-11-26T18:43:15","dateFormatted":"November 26, 2024","dateGMT":"2024-11-26T18:43:15","dateGMTFormatted":"November 26, 2024","dateUpdated":"2024-11-26T14:50:26","dateUpdatedFormatted":"November 26, 2024","dateUpdatedGMT":"2024-11-26T19:50:26","dateUpdatedGMTFormatted":"November 26, 2024","excerpt":"More than 40,000 accounts at Morgan Stanley were deemed to be at a high risk of money laundering.","eyebrowSectionLabel":"Finance","eyebrowSectionLink":"/section/finance","eyebrowTagLabel":"","eyebrowTagLink":"","image":{"altText":"","caption":"","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2024/11/GettyImages-528751436-e1732644145685.jpg"},"title":"Leaked Morgan Stanley documents reveal 1 in 4 ultrawealthy clients raise a red flag","titleLink":"https://fortune.com/2024/11/26/leaked-morgan-stanley-documents-flag-money-laundering/?itm_source=parsely-api"}],"subdomain":"own","footer":{"footerDisclaimer":"\u003cp\u003e© 2024 Fortune Media IP Limited. 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1"},{"links":[{"__typename":"MenuItem","label":"Fortune Brand Studio","url":"https://customcontentonline.com/"},{"__typename":"MenuItem","label":"Fortune Analytics","url":"https://fortune.com/analytics"},{"__typename":"MenuItem","label":"Fortune Conferences","url":"https://fortuneconferences.com"},{"__typename":"MenuItem","label":"Advertising","url":"https://fortunemediakit.com/"},{"__typename":"MenuItem","label":"Business Development","url":"https://fortune.com/business-development/"}],"name":"Footer Commercial Services 1"},{"links":[{"__typename":"MenuItem","label":"About Us","url":"/about-us/"},{"__typename":"MenuItem","label":"Editorial Calendar","url":"https://fortune.com/editorial-calendar/"},{"__typename":"MenuItem","label":"Press Center","url":"https://fortune.com/press-center/"},{"__typename":"MenuItem","label":"Work at Fortune","url":"https://boards.greenhouse.io/fortune/"},{"__typename":"MenuItem","label":"Diversity and Inclusion","url":"https://fortune.com/workplace/diversity-inclusion"},{"__typename":"MenuItem","label":"Terms and Conditions","url":"/terms-of-use/"},{"__typename":"MenuItem","label":"Site Map","url":"/sitemap/"}],"name":"Footer About 1"}],"socialList":[{"type":"facebook","url":"https://www.facebook.com/FortuneMagazine/"},{"type":"twitter","url":"https://twitter.com/FortuneMagazine/"},{"type":"linkedin","url":"https://www.linkedin.com/company/fortune-magazine/"},{"type":"instagram","url":"https://www.instagram.com/fortunemag/"},{"type":"pinterest","url":"https://www.pinterest.com/fortunemagazine/"}]},"article":{"adTags":[],"audienceDek":"Under Armpit's Plank described the then Bloomberg anchor Ruhle as a \"confidant.\"","authorNames":["Orianna Rosa Royle"],"authors":[{"email":"orianna.royle@fortune.com","image":"https://fortune.com/img-assets/wp-content/uploads/2022/12/Royale.jpg?w=150","name":"Orianna Rosa Royle","sameAs":"","type":"Person","uri":"/author/orianna-royle/","url":"https://fortune.com/author/orianna-royle/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"https://www.instagram.com/oriannarosa/?hl=en","linkedinUrl":"https://www.linkedin.com/in/orianna-rosa-royle/","twitterUrl":"https://twitter.com/oriannarosa","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"}],"breadcrumbs":{"items":[]},"bypassPaywall":{"postBypassLinkEnabled":"","postBypassLinkUnique":""},"canonicalUrl":null,"channel":"Leadership","content":"\u003cp\u003eA court case has uncovered the unusual relationship between \u003ca href=\"https://fortune.com/company/under-armour/\" target=\"_blank\"\u003eUnder Armour\u003c/a\u003e founder Kevin Plank and MSNBC anchor Stephanie Ruhle—revealing the two communicated at \u0026#8220;all hours\u0026#8221; via a secret phone and email address.\u003c/p\u003e\u003cdiv class=\"paywall-selector\"\u003e\u003c/div\u003e\u003cdiv class=\"paywall\"\u003e\n\n\n\n\u003cp\u003eAccording to newly unsealed court documents, the 51-year-old billionaire allegedly shared confidential financial information about the sportswear giant with Ruhle when she was a Bloomberg Television news anchor. He also sought her assistance in countering concerns about declining sales.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe duo’s close ties were first reported by \u003ca href=\"https://www.wsj.com/business/media/under-armour-kevin-plank-stephanie-ruhle-66cb65b5\"\u003ethe Wall Street Journal\u003c/a\u003e in 2019, but now their relationship—which included trips on Plank\u0026#8217;s private jet—is under the lens in court.\u003c/p\u003e\n\n\n\n\u003cp\u003ePlank, the current executive chairman of Under Armour, stands accused of providing Ruhle with \u0026#8220;non-public financial information\u0026#8221; about the company.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe lawsuit, filed by shareholders in 2017 in a federal court in Maryland, alleges that Under Armour artificially inflated its share price, resulting in losses for them.\u003c/p\u003e\n\n\n\n\u003cp\u003eShareholders claim that Plank and his associates were aware of a decline in sales and so employed improper tactics to sustain the growth momentum. \u003c/p\u003e\n\n\n\n\u003cp\u003eThis allegedly included enlisting Ruhle’s help to undermine a January 2016 report by \u003ca href=\"https://fortune.com/company/morgan-stanley/\" target=\"_blank\"\u003eMorgan Stanley\u003c/a\u003e which highlighted the weakening sales data.\u003c/p\u003e\n\n\n\n\u003cp\u003eA spokesperson for Under Armour told \u003cem\u003eFortune\u003c/em\u003e the documents have \u0026#8220;no bearing on the case,\u0026#8221; adding that Plank had \u0026#8220;utilized confidential advice or counsel from a number of outside advisors from different fields of expertise, and that is what these documents show. Furthermore, none of the information was used improperly.\u0026#8221;\u003c/p\u003e\n\n\n\n\u003cp\u003eHighlighting that a federal judge in the Southern District of New York has previously ruled against the plaintiffs, the company added: \u0026#8220;The claims asserted by plaintiffs’ counsel are meritless and are being defended vigorously in the ongoing Maryland litigation, which has been pending for more than six years.\u0026#8221;\u003c/p\u003e\n\n\n\n\u003cp\u003eBloomberg did not immediately respond to \u003cem\u003eFortune\u0026#8217;s\u003c/em\u003e request for comment.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eAn unlikely confidant\u003c/h2\u003e\n\n\n\n\u003cp\u003ePlank has grown Under Armour—founded in 1996—from a moisture-wicking shirt maker for football players into a global brand with approximately \u003ca href=\"https://www.statista.com/statistics/259174/net-sales-of-under-armour-worldwide/#:~:text=Under%20Armour%20is%20an%20American,year%20ended%20March%2031%2C%202023.\"\u003e$5.9 billion in annual sales\u003c/a\u003e and thousands of employees. \u003c/p\u003e\n\n\n\n\u003cp\u003eBut the sportswear giant has struggled to move on from a scrappy company culture, having been embroiled in various complaints from \u003ca href=\"https://www.cnbc.com/2018/11/05/under-armour-employees-no-longer-allowed-to-expense-strip-club-visits.html\"\u003estrip club visits\u003c/a\u003e to inappropriate behavior by executives.\u003c/p\u003e\n\n\n\n\u003cp\u003eNow the latest filings around Plank and Ruhle\u0026#8217;s relationship raise a host of ethical questions about the boundary reporters must maintain with the powerful people that they cover—and vice versa.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eFormer and current executives reportedly told the \u003ca href=\"https://www.wsj.com/articles/meet-under-armour-ceos-unusual-adviser-an-msnbc-anchor-11550763306?st=v0cfuemqqld1fr7\u0026amp;reflink=desktopwebshare_permalink\"\u003eWSJ\u003c/a\u003e Plank’s use of the jet and his relationship with Ruhle were among the many ways the CEO blurred the distinction between his personal and professional activities. \u003c/p\u003e\n\n\n\n\u003cp\u003e“There are clear lines between the company and Mr. Plank’s private interests, and he is accountable to the board for this,” Kelley \u003ca href=\"https://fortune.com/company/mccormick/\" target=\"_blank\"\u003eMcCormick\u003c/a\u003e, Under Armour’s senior vice president of communications told the publication.\u003c/p\u003e\n\n\n\n\u003cp\u003eDuring a deposition earlier this year, Plank, who stepped down as Under Armour CEO in 2019 before taking the role of chairman, was asked to describe the nature of his relationship with Ruhle.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e\u0026#8220;She\u0026#8217;s a confidant,\u0026#8221; he responded, according to the \u003ca href=\"https://www.wsj.com/business/media/under-armour-kevin-plank-stephanie-ruhle-66cb65b5?st=s3tkvit9w6h84v7\u0026amp;reflink=desktopwebshare_permalink\"\u003eWSJ\u003c/a\u003e. \u0026#8220;I would give her counsel on her career and she would give me counsel on things I was dealing with that were either banking or media or human nature in relation.\u0026#8221;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen asked during his deposition about the Morgan Stanley report, Plank said the two “had an understanding of trust.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“She didn’t trade in this, her family doesn’t trade in this. She’s simply giving me input,” Plank said.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen Ruhle sat for her deposition, she admitted to taking at least two trips with Plank on his private jet: once from Cannes, France, to New York and another time from New York to Baltimore.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen pressed on whether she took the trips as Plank\u0026#8217;s friend or as a journalist, Ruhle said: \u0026#8220;I was flying on his plane as myself, Stephanie Ruhle. I’m not really in a category as one or the other.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThe MSNBC anchor also confirmed that she had three phones: a work phone, a personal phone and a so-called “Kevin Plank phone”.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e\u0026#8220;We were friends and I covered his company,\u0026#8221; the anchor added.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eMorgan Stanley email chain uncovered\u003c/h2\u003e\n\n\n\n\u003cp\u003eOn January 10, 2016, Morgan Stanley \u003ca href=\"https://www.bloomberg.com/news/articles/2016-01-11/under-armour-tumbles-after-analyst-says-it-has-a-woman-problem\"\u003ereleased a report\u003c/a\u003e in which it downgraded the rating of Under Armour stock and lowered its price target, citing a slowdown in sales trends. \u003c/p\u003e\n\n\n\n\u003cp\u003eDespite being in a \u0026#8220;quiet period\u0026#8221; that prevented public communication, Plank discussed privately with Ruhle how to dismiss the report, according to documents in the lawsuit.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe following day, Ruhle emailed Under Armour\u0026#8217;s former communications executive Diane Pelkey for data that would contradict the report—and then advised they send it to media outlets.\u003c/p\u003e\n\n\n\n\u003cp\u003e″This content is perfect just in case anyone decides to cover the Morgan Stanley thing—it combats any risk of negativity,” Ruhle wrote in an email littered with typos to the executive, according to the \u003ca href=\"https://www.wsj.com/business/media/under-armour-kevin-plank-stephanie-ruhle-66cb65b5?st=s3tkvit9w6h84v7\u0026amp;reflink=desktopwebshare_permalink\"\u003eWSJ\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eLater that afternoon, Ruhle reportedly raised doubts about the data presented in the Morgan Stanley report on Bloomberg.\u003c/p\u003e\n\n\n\n\u003cp\u003eA couple of weeks later, when Under Armour reported positive quarterly results, Plank emailed Ruhle “look at that stock!!!” before allegedly helping her bag an interview with basketball player and Under Armour athlete Stephen Curry.\u003c/p\u003e\n\n\n\n\u003cp\u003eCourt documents allege Plank told his communications executive in an email that the Curry interview was “a great thank you for being the only member of media to get UA’s back when [Morgan Stanley] came out against us.”\u003c/p\u003e\n\n\n\n\u003cp\u003eOn Feb. 2, \u003ca href=\"https://www.bloomberg.com/news/videos/2016-02-02/stephen-curry-vs-stephanie-ruhle-on-the-court\"\u003eBloomberg posted the interview\u003c/a\u003e, which included Ruhle playing basketball with Curry.\u0026nbsp;\u003c/p\u003e\u003c/div\u003e","databaseId":3657116,"dateGmt":"2023-08-30T13:00:00","dek":"","description":"Under Armpit's Plank described the then Bloomberg anchor Ruhle as a \"confidant.\"","faq":[],"featuredMediaType":"image","floatingNavContent":"","floatingNavTitle":"","footnotes":null,"id":"cG9zdDozNjU3MTE2","image":"https://fortune.com/img-assets/wp-content/uploads/2023/08/GettyImages-496846838-e1693391982295.jpg?resize=1200,600","imageCaption":"The latest filings around Plank and Ruhle's relationship raise a host of questions about the boundary reporters must maintain with the powerful people that they cover—and vice versa.","imageCredit":"CNBC / NBCUniversal — Getty Images","keywords":"","link":"https://fortune.com/2023/08/30/kevin-plank-stephanie-ruhle-under-armour-tv-anchor-relationship-court-filing/","metaTitle":"Under Armour founder Kevin Plank and MSNBC TV anchor Stephanie Ruhle's communication uncovered in court","modifiedGmt":"2023-08-30T14:14:59","pageType":"article","platformCD":"own","postId":3657116,"postSettings":{"postSettingsDek":null,"enableSubscriptionPlea":true,"subscriptionPleaDesign":"with-bottom-border","subscriptionPleaPosition":null,"subscriptionPleaTextLined":"\u003cb\u003eHow many degrees of separation are you from the globe's most powerful business leaders? \u003c/b\u003eExplore who made our brand-new list of the \u003ca href=\"https://fortune.com/ranking/most-powerful-people/?\u0026itm_source=fortune\u0026itm_medium=article_tout\"\u003e100 Most Powerful People in Business\u003c/a\u003e. Plus, learn about the metrics we used to make it.","bylineCommentary":null,"mediaItem":{"altText":"Kevin Plank, founder and chairman of Under Armour","caption":"CNBC EVENTS -- iCONIC Event -- Pictured: Kevin Plank, founder and CEO, Under Armour, at the Iconic Conference in Washington, D.C on November 11, 2015. -- (Photo by: Paul Morigi/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images)","mediaItemUrl":"https://fortune.com/img-assets/wp-content/uploads/2023/08/GettyImages-496846838-e1693391982295.jpg"},"__typename":"Settings"},"premiumCategory":{"name":"F-BreakingNews","premiumCategoryId":447849333,"link":"https://fortune.com/?taxonomy=premium_categories\u0026term=f-breakingnews-free","__typename":"BrandedArticlePremiumCategoryFieldsFields"},"primaryPostTag":{"name":"Founders","primaryTagId":52819,"link":"https://fortune.com/tag/founders/","uri":"/tag/founders/","__typename":"BrandedArticlePrimaryPostTagIdFieldsFields"},"primarySection":{"name":"Leadership","primarySectionId":447824445,"link":"https://fortune.com/section/leadership/","uri":"/section/leadership/","__typename":"BrandedArticlePrimarySectionIdFieldsFields"},"primaryTopic":{"name":"","primaryTopicId":-1},"relatedVideoId":"bsCjgeZKDj-3349707-14497","relatedVideoType":"stn_video_media","reviewedBy":null,"sectionNames":["Finance","Leadership","Success"],"sections":[{"name":"Finance","sectionId":4269,"slug":"finance","__typename":"BrandedArticleClassificationSectionFieldsFields"},{"name":"Leadership","sectionId":447824445,"slug":"leadership","__typename":"BrandedArticleClassificationSectionFieldsFields"},{"name":"Success","sectionId":447853144,"slug":"success","__typename":"BrandedArticleClassificationSectionFieldsFields"}],"series":[],"showModifiedTimestamp":0,"socialDescription":"The MSNBC anchor confirmed that she had three phones: a work phone, a personal phone and a “Kevin Plank phone”. ","socialTitle":"TV anchor had a secret phone for conversations with Under Armour founder Kevin Plank","stickyCta":null,"tagNames":["Founders","Under Armour"],"tags":[{"name":"Founders","tagId":52819,"__typename":"BrandedArticleClassificationTagFieldsFields"},{"name":"Under Armour","tagId":611421,"__typename":"BrandedArticleClassificationTagFieldsFields"}],"templateType":"default","thumbnailUrl":"https://fortune.com/img-assets/wp-content/uploads/2023/08/GettyImages-496846838-e1693391982295.jpg","title":"TV anchor had a secret phone for conversations with Under Armour founder Kevin Plank","topicNames":[],"topics":[],"url":"https://fortune.com/2023/08/30/kevin-plank-stephanie-ruhle-under-armour-tv-anchor-relationship-court-filing/","videoId":null,"widgetCss":null},"articleData":{"adTags":[],"audienceDek":"Under Armpit's Plank described the then Bloomberg anchor Ruhle as a \"confidant.\"","authorNames":["Orianna Rosa Royle"],"authors":[{"email":"orianna.royle@fortune.com","image":"https://fortune.com/img-assets/wp-content/uploads/2022/12/Royale.jpg?w=150","name":"Orianna Rosa Royle","sameAs":"","type":"Person","uri":"/author/orianna-royle/","url":"https://fortune.com/author/orianna-royle/","role":"","funFactHeader":"","funFactValue":"","social":{"instaUrl":"https://www.instagram.com/oriannarosa/?hl=en","linkedinUrl":"https://www.linkedin.com/in/orianna-rosa-royle/","twitterUrl":"https://twitter.com/oriannarosa","__typename":"AuthorSocialUrlsFields"},"shortIntro":"","__typename":"Co-authors"}],"breadcrumbs":{"items":[]},"bypassPaywall":{"postBypassLinkEnabled":"","postBypassLinkUnique":""},"canonicalUrl":null,"channel":"Leadership","content":"\u003cp\u003eA court case has uncovered the unusual relationship between \u003ca href=\"https://fortune.com/company/under-armour/\" target=\"_blank\"\u003eUnder Armour\u003c/a\u003e founder Kevin Plank and MSNBC anchor Stephanie Ruhle—revealing the two communicated at \u0026#8220;all hours\u0026#8221; via a secret phone and email address.\u003c/p\u003e\u003cdiv class=\"paywall-selector\"\u003e\u003c/div\u003e\u003cdiv class=\"paywall\"\u003e\n\n\n\n\u003cp\u003eAccording to newly unsealed court documents, the 51-year-old billionaire allegedly shared confidential financial information about the sportswear giant with Ruhle when she was a Bloomberg Television news anchor. He also sought her assistance in countering concerns about declining sales.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe duo’s close ties were first reported by \u003ca href=\"https://www.wsj.com/business/media/under-armour-kevin-plank-stephanie-ruhle-66cb65b5\"\u003ethe Wall Street Journal\u003c/a\u003e in 2019, but now their relationship—which included trips on Plank\u0026#8217;s private jet—is under the lens in court.\u003c/p\u003e\n\n\n\n\u003cp\u003ePlank, the current executive chairman of Under Armour, stands accused of providing Ruhle with \u0026#8220;non-public financial information\u0026#8221; about the company.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe lawsuit, filed by shareholders in 2017 in a federal court in Maryland, alleges that Under Armour artificially inflated its share price, resulting in losses for them.\u003c/p\u003e\n\n\n\n\u003cp\u003eShareholders claim that Plank and his associates were aware of a decline in sales and so employed improper tactics to sustain the growth momentum. \u003c/p\u003e\n\n\n\n\u003cp\u003eThis allegedly included enlisting Ruhle’s help to undermine a January 2016 report by \u003ca href=\"https://fortune.com/company/morgan-stanley/\" target=\"_blank\"\u003eMorgan Stanley\u003c/a\u003e which highlighted the weakening sales data.\u003c/p\u003e\n\n\n\n\u003cp\u003eA spokesperson for Under Armour told \u003cem\u003eFortune\u003c/em\u003e the documents have \u0026#8220;no bearing on the case,\u0026#8221; adding that Plank had \u0026#8220;utilized confidential advice or counsel from a number of outside advisors from different fields of expertise, and that is what these documents show. Furthermore, none of the information was used improperly.\u0026#8221;\u003c/p\u003e\n\n\n\n\u003cp\u003eHighlighting that a federal judge in the Southern District of New York has previously ruled against the plaintiffs, the company added: \u0026#8220;The claims asserted by plaintiffs’ counsel are meritless and are being defended vigorously in the ongoing Maryland litigation, which has been pending for more than six years.\u0026#8221;\u003c/p\u003e\n\n\n\n\u003cp\u003eBloomberg did not immediately respond to \u003cem\u003eFortune\u0026#8217;s\u003c/em\u003e request for comment.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eAn unlikely confidant\u003c/h2\u003e\n\n\n\n\u003cp\u003ePlank has grown Under Armour—founded in 1996—from a moisture-wicking shirt maker for football players into a global brand with approximately \u003ca href=\"https://www.statista.com/statistics/259174/net-sales-of-under-armour-worldwide/#:~:text=Under%20Armour%20is%20an%20American,year%20ended%20March%2031%2C%202023.\"\u003e$5.9 billion in annual sales\u003c/a\u003e and thousands of employees. \u003c/p\u003e\n\n\n\n\u003cp\u003eBut the sportswear giant has struggled to move on from a scrappy company culture, having been embroiled in various complaints from \u003ca href=\"https://www.cnbc.com/2018/11/05/under-armour-employees-no-longer-allowed-to-expense-strip-club-visits.html\"\u003estrip club visits\u003c/a\u003e to inappropriate behavior by executives.\u003c/p\u003e\n\n\n\n\u003cp\u003eNow the latest filings around Plank and Ruhle\u0026#8217;s relationship raise a host of ethical questions about the boundary reporters must maintain with the powerful people that they cover—and vice versa.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eFormer and current executives reportedly told the \u003ca href=\"https://www.wsj.com/articles/meet-under-armour-ceos-unusual-adviser-an-msnbc-anchor-11550763306?st=v0cfuemqqld1fr7\u0026amp;reflink=desktopwebshare_permalink\"\u003eWSJ\u003c/a\u003e Plank’s use of the jet and his relationship with Ruhle were among the many ways the CEO blurred the distinction between his personal and professional activities. \u003c/p\u003e\n\n\n\n\u003cp\u003e“There are clear lines between the company and Mr. Plank’s private interests, and he is accountable to the board for this,” Kelley \u003ca href=\"https://fortune.com/company/mccormick/\" target=\"_blank\"\u003eMcCormick\u003c/a\u003e, Under Armour’s senior vice president of communications told the publication.\u003c/p\u003e\n\n\n\n\u003cp\u003eDuring a deposition earlier this year, Plank, who stepped down as Under Armour CEO in 2019 before taking the role of chairman, was asked to describe the nature of his relationship with Ruhle.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e\u0026#8220;She\u0026#8217;s a confidant,\u0026#8221; he responded, according to the \u003ca href=\"https://www.wsj.com/business/media/under-armour-kevin-plank-stephanie-ruhle-66cb65b5?st=s3tkvit9w6h84v7\u0026amp;reflink=desktopwebshare_permalink\"\u003eWSJ\u003c/a\u003e. \u0026#8220;I would give her counsel on her career and she would give me counsel on things I was dealing with that were either banking or media or human nature in relation.\u0026#8221;\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen asked during his deposition about the Morgan Stanley report, Plank said the two “had an understanding of trust.”\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e“She didn’t trade in this, her family doesn’t trade in this. She’s simply giving me input,” Plank said.\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen Ruhle sat for her deposition, she admitted to taking at least two trips with Plank on his private jet: once from Cannes, France, to New York and another time from New York to Baltimore.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003eWhen pressed on whether she took the trips as Plank\u0026#8217;s friend or as a journalist, Ruhle said: \u0026#8220;I was flying on his plane as myself, Stephanie Ruhle. I’m not really in a category as one or the other.”\u003c/p\u003e\n\n\n\n\u003cp\u003eThe MSNBC anchor also confirmed that she had three phones: a work phone, a personal phone and a so-called “Kevin Plank phone”.\u0026nbsp;\u003c/p\u003e\n\n\n\n\u003cp\u003e\u0026#8220;We were friends and I covered his company,\u0026#8221; the anchor added.\u003c/p\u003e\n\n\n\n\u003ch2 class=\"wp-block-heading\"\u003eMorgan Stanley email chain uncovered\u003c/h2\u003e\n\n\n\n\u003cp\u003eOn January 10, 2016, Morgan Stanley \u003ca href=\"https://www.bloomberg.com/news/articles/2016-01-11/under-armour-tumbles-after-analyst-says-it-has-a-woman-problem\"\u003ereleased a report\u003c/a\u003e in which it downgraded the rating of Under Armour stock and lowered its price target, citing a slowdown in sales trends. \u003c/p\u003e\n\n\n\n\u003cp\u003eDespite being in a \u0026#8220;quiet period\u0026#8221; that prevented public communication, Plank discussed privately with Ruhle how to dismiss the report, according to documents in the lawsuit.\u003c/p\u003e\n\n\n\n\u003cp\u003eThe following day, Ruhle emailed Under Armour\u0026#8217;s former communications executive Diane Pelkey for data that would contradict the report—and then advised they send it to media outlets.\u003c/p\u003e\n\n\n\n\u003cp\u003e″This content is perfect just in case anyone decides to cover the Morgan Stanley thing—it combats any risk of negativity,” Ruhle wrote in an email littered with typos to the executive, according to the \u003ca href=\"https://www.wsj.com/business/media/under-armour-kevin-plank-stephanie-ruhle-66cb65b5?st=s3tkvit9w6h84v7\u0026amp;reflink=desktopwebshare_permalink\"\u003eWSJ\u003c/a\u003e.\u003c/p\u003e\n\n\n\n\u003cp\u003eLater that afternoon, Ruhle reportedly raised doubts about the data presented in the Morgan Stanley report on Bloomberg.\u003c/p\u003e\n\n\n\n\u003cp\u003eA couple of weeks later, when Under Armour reported positive quarterly results, Plank emailed Ruhle “look at that stock!!!” before allegedly helping her bag an interview with basketball player and Under Armour athlete Stephen Curry.\u003c/p\u003e\n\n\n\n\u003cp\u003eCourt documents allege Plank told his communications executive in an email that the Curry interview was “a great thank you for being the only member of media to get UA’s back when [Morgan Stanley] came out against us.”\u003c/p\u003e\n\n\n\n\u003cp\u003eOn Feb. 2, \u003ca href=\"https://www.bloomberg.com/news/videos/2016-02-02/stephen-curry-vs-stephanie-ruhle-on-the-court\"\u003eBloomberg posted the interview\u003c/a\u003e, which included Ruhle playing basketball with Curry.\u0026nbsp;\u003c/p\u003e\u003c/div\u003e","databaseId":3657116,"dateGmt":"2023-08-30T13:00:00","dek":"","description":"Under Armpit's Plank described the then Bloomberg anchor Ruhle as a \"confidant.\"","faq":[],"featuredMediaType":"image","floatingNavContent":"","floatingNavTitle":"","footnotes":null,"id":"cG9zdDozNjU3MTE2","image":"https://fortune.com/img-assets/wp-content/uploads/2023/08/GettyImages-496846838-e1693391982295.jpg?resize=1200,600","imageCaption":"The latest filings around Plank and Ruhle's relationship raise a host of questions about the boundary reporters must maintain with the powerful people that they cover—and vice versa.","imageCredit":"CNBC / NBCUniversal — Getty Images","keywords":"","link":"https://fortune.com/2023/08/30/kevin-plank-stephanie-ruhle-under-armour-tv-anchor-relationship-court-filing/","metaTitle":"Under Armour founder Kevin Plank and MSNBC TV anchor Stephanie Ruhle's communication uncovered in court","modifiedGmt":"2023-08-30T14:14:59","pageType":"article","platformCD":"own","postId":3657116,"postSettings":{"postSettingsDek":null,"enableSubscriptionPlea":true,"subscriptionPleaDesign":"with-bottom-border","subscriptionPleaPosition":null,"subscriptionPleaTextLined":"\u003cb\u003eHow many degrees of separation are you from the globe's most powerful business leaders? \u003c/b\u003eExplore who made our brand-new list of the \u003ca href=\"https://fortune.com/ranking/most-powerful-people/?\u0026itm_source=fortune\u0026itm_medium=article_tout\"\u003e100 Most Powerful People in Business\u003c/a\u003e. 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