Against Kim Kardashian and Floyd Mayweather Jr. Class action lawsuit dismissed over promotion of crypto token ethereummax. The judge said the law “expects investors to act reasonably before making bets based on the zeitgeist of the time.” Crypto Lawsuit Against Kardashian Dismissed
On Wednesday, a federal judge ruled that Ethereum Max founder and cryptocurrency project proponent Kim Kardashian, reality TV star Kim Kardashian, and boxer Kim Kardashian included. dismissed the class action lawsuit. Floyd Mayweather Jr. and former Boston Celtics star Paul Pierce.
Judge Michael Fitzgerald of the United States District Court for the Central District of California ruled in his ruling that the allegations in this lawsuit prompted millions of disciplinarians to purchase snake oil in an unprecedented manner. Agreed that it raised legitimate concerns about celebrities’ ability to easily persuade non-followers. However, he explained:
While the law certainly imposes restrictions on these advertisers, it is likely that investors will place bets based on the zeitgeist of the time.
Kardashian promoted Ethereummax and EMAX cryptocurrency tokens in an Instagram post in June 2021. The reality TV star settled with the U.S. Securities and Exchange Commission (SEC) in October for failing to disclose a $250,000 compensation. She pitches crypto tokens on her Instagram account. Mayweather Jr. promoted the same crypto token at a boxing match in June 2021 and at his big Bitcoin conference in Miami.
Attorney John Jasnotch told Fitzgerald:
Had plaintiffs known the true facts relating to the promoters’ financial interest in the tokens and were paid to counterfeit those tokens, they would have
After the EMAX cryptocurrency lost 97% of its value, investors announced in January that Ethereummax founder and crypto project celebrity I sued the promoter. Fitzgerald said in his ruling that he would allow plaintiffs’ attorneys to refile the case after amending some of the many statutory claims cited by plaintiffs.
Kardashian’s attorney, Michael Rose, told CNBC:
We are satisfied with the court’s well-founded decision in this matter.
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