49ers CEO Jed York breaks silence, calls insider trading lawsuit 'completely frivolous'

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San Francisco 49ers CEO Jed York broke his silence on the insider-trading allegations against him that recently surfaced. York described the legal actions being taken based on the accusations as "completely frivolous."

"It’s 18 months old. It’s a completely frivolous lawsuit," York told NBC Sports Bay Area ahead of Saturday's preseason game between the 49ers and the Broncos.

York also suggested the lawsuit was an attempt at a shakedown. "I think they’re grasping at straw to bring this out publicly now," he said.

Owner Jed York of the San Francisco 49ers is seen on the field prior to a game against the Seattle Seahawks at Lumen Field on December 15, 2022 in Seattle, Washington. (Steph Chambers/Getty Images)

The two lawsuits, field by shareholders, claim York engaged in acts of financial impropriety when he served on the board of Chegg Inc, a California-based online education platform. The company is under fired for allegedly assisting students in cheating during the COVID-19 pandemic.

Other boards members are also being accused of covering up the cheating scandal, according to a report from the San Francisco Chronicle.

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The pair of lawsuits state that York executed insider stock deals based on "nonpublic information," which showed "his motive in facilitating and participating in the scheme."

"I’m proud of our work with Chegg, proud of my work on the board and with its scholarship program," York added. "I have no doubt this will be taken care of in no time."

Owner Jed York of the San Francisco 49ers is seen on the field prior to a game against the