Crypto lawsuit against Kim Kardashian and Floyd Mayweather Jr. dismissed by California court
The opinions expressed by entrepreneurs contributors are their own.
Since the start of the crypto winter in the summer of 2022, celebrities have learned hard lessons about the dangers of new shilling commodities. Several, including Kim Kardashian and Floyd Mayweather Jr., successfully avoided court-ordered payouts after a California judge dismissed the lawsuit against them, finding investors were unaware of the celebrities' promotional efforts .
Taylor Hill | Getty ImagesIn January, a lawsuit was filed claiming that EthereumMax executives and celebrity promoters took part in a scheme to trick investors into buying EMax tokens - a lawsuit which drove up the price of the cryptocurrency, making significant profits once celebrities and executives sold their holdings.
Learn more from CNN:
U.S. District Judge Michael Fitzgerald in Los Angeles has ruled that investors can modify and refile their proposed class action lawsuit.
The decision comes as other celebrity promoters face legal action from users of failed cryptocurrency exchange FTX, whose collapse has worsened a “crypto winter” in progress
Attorney Sean Masson represented the plaintiffs in the EthereumMax lawsuit. He indicated his intention to amend the investors' claims by adding "additional facts demonstrating wrongdoing and liability of the defendants".
CNN also quoted Kim Kardashian's attorney, Michael Rhodes, as having no complaints, saying celebrity reps were pleased with what he called "the court's well-reasoned decision." /p>
Judge Michael Fitzgerald explained his dismissal by saying plaintiffs could not prove any intent to mislead investors. Additionally, investors haven't said if they've seen the promotions, like Mayweather sporting an EthereumMax logo on his in-ring trunks or Kardashian's Instagram posts.
The complaint has been definitively rejected. According to Justice Fitzgerald, California law protects consumers from fraud related to real-world products or services - cryptocurrency is considered intangible. However, aggrieved investors may still have their day in court, as they can sue again once they have reviewed their claims.
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The opinions expressed by entrepreneurs contributors are their own.
Since the start of the crypto winter in the summer of 2022, celebrities have learned hard lessons about the dangers of new shilling commodities. Several, including Kim Kardashian and Floyd Mayweather Jr., successfully avoided court-ordered payouts after a California judge dismissed the lawsuit against them, finding investors were unaware of the celebrities' promotional efforts .
Taylor Hill | Getty ImagesIn January, a lawsuit was filed claiming that EthereumMax executives and celebrity promoters took part in a scheme to trick investors into buying EMax tokens - a lawsuit which drove up the price of the cryptocurrency, making significant profits once celebrities and executives sold their holdings.
Learn more from CNN:
U.S. District Judge Michael Fitzgerald in Los Angeles has ruled that investors can modify and refile their proposed class action lawsuit.
The decision comes as other celebrity promoters face legal action from users of failed cryptocurrency exchange FTX, whose collapse has worsened a “crypto winter” in progress
Attorney Sean Masson represented the plaintiffs in the EthereumMax lawsuit. He indicated his intention to amend the investors' claims by adding "additional facts demonstrating wrongdoing and liability of the defendants".
CNN also quoted Kim Kardashian's attorney, Michael Rhodes, as having no complaints, saying celebrity reps were pleased with what he called "the court's well-reasoned decision." /p>
Judge Michael Fitzgerald explained his dismissal by saying plaintiffs could not prove any intent to mislead investors. Additionally, investors haven't said if they've seen the promotions, like Mayweather sporting an EthereumMax logo on his in-ring trunks or Kardashian's Instagram posts.
The complaint has been definitively rejected. According to Justice Fitzgerald, California law protects consumers from fraud related to real-world products or services - cryptocurrency is considered intangible. However, aggrieved investors may still have their day in court, as they can sue again once they have reviewed their claims.
“Nobody Believed It” This black founder owned a liquor brand in 2012. It launched with great success, then lost it all. Here's how he made a multi-million dollar comeback.
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These brothers turned a high school project into the biggest online football store...
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