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☆ Cristiano Ronaldo faces $1 billion class-action lawsuit for endorsing worthless NFTs
▼ + stars: | 2023-11-30 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN —Soccer superstar Cristiano Ronaldo is facing a $1 billion class action lawsuit for his promotion of Binance, the world’s biggest crypto exchange. Ronaldo and Binance didn’t immediately respond to CNN’s request for comment. Notably, Ronaldo is still promoting the company, including posting a Binance ad as recently as November 28 on his X account, which has 110 million followers. Celebrities suedOther celebrities have also been the target of similar lawsuits. He also agreed to pay a $50 million criminal fine and a $150 million civil penalty.

Persons: Cristiano Ronaldo, Ronaldo “, Ronaldo, Binance didn’t, Binance, “, Gary Gensler, Kim Kardashian, Celebrities, Tom Brady, Gisele Bundchen, Brady, Bundchen, Kardashian, Floyd Mayweather, Jr, cryptocurrency, Charles Whitehead, ” Whitehead, ”, Changpeng Zhao, ” Zhao, – CNN’s Jennifer Korn, Allison Morrow Organizations: New, New York CNN — Soccer, ” Securities, Exchange, SEC, Cornell Law School, CNN Locations: New York, Florida

☆ Kim Kardashian, Floyd Mayweather can’t evade EMax crypto investors’ claims, judge says
▼ + stars: | 2023-06-07 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

Pierce, who allegedly received nearly $250,000 in EMax tokens as payment for touting the investment, paid $1.4 million in February to settle the SEC’s allegations of deceptive securities promotion. The new ruling, Masson said, should serve as a blueprint for crypto investors who contend they were duped by celebrity promoters. The beefed-up amended complaint convinced the judge that investors had plausibly accused the celebrity influencers of doing just that: exerting influence over their followers by endorsing EMax tokens. Fitzgerald’s previous decision dismissing claims against Kardashian and the other EMax promoters, Masson said, might have created an impression that celebrities can’t be held responsible for allegedly deceptive crypto touting. “You cannot get away with this.”Read more:Kim Kardashian, other celebrities beat EMax crypto investors' lawsuitKim Kardashian pays $1.26 million fine for paid crypto ad, SEC saysOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Kardashian, Michael Fitzgerald, Kardashian, Floyd Mayweather, famer Paul Pierce, Mayweather, Pierce “, ”, Fitzgerald, Hyping, you’ve, Scott, “, ” Fitzgerald, Michael Rhodes, Cooley, Pierce, Joel Weiner, Katten Muchin Rosenman, James Sanders, Reed Smith, influencer Logan Paul, Paul, King & Spalding, Sean Masson, Scott —, Kardashian —, EMax, Masson, ’, can’t, ” Masson, ” Read Organizations: District, Los, NBA, famer, U.S . Circuit, Securities, Exchange Commission, King &, SEC, Thomson, Reuters Locations: California, “, Florida

☆ Ex-NBA star Paul Pierce will pay $1.4 million to settle charges from the SEC that he made misleading statements while promoting crypto
▼ + stars: | 2023-02-17 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Paul Pierce will pay $1.4 million to settle charges that he made misleading statements while promoting crypto. Kim Kardashian last year paid $1.26 million to settle SEC charges related to EMAX. It found that Pierce didn't disclose that he was paid more than $244,000 worth of EMAX tokens to promote the digital asset on Twitter. EMAX tokens, a crypto asset security sold by EthereumMax, were at the center of the SEC's case against Kim Kardashian last year. The billionaire reality TV star and business owner in October agreed to pay $1.26 million to settle charges stemming from a June 2021 Instagram post about EMAX tokens.

☆ Former Boston Celtics star Paul Pierce settles with SEC over crypto violations
▼ + stars: | 2023-02-17 | by ( Rohan Goswami | ) www.cnbc.com time to read: +3 min

The action against Pierce involves his public statements about EthereumMax, or EMAX, the same crypto security product that the SEC charged influencer Kim Kardashian with unlawfully touting. Pierce is also barred from promoting any crypto asset securities for three years, the SEC said. Pierce's social media support for EthereumMax also involved allegedly misleading the public about his EMAX holdings, according to the SEC. Pierce allegedly shared misleading screenshots of his EMAX holdings and profits, the SEC said, without disclosing that his personal holdings were actually far lower. A federal class action lawsuit naming Pierce, Kardashian, Floyd Mayweather Jr., and other EthereumMax boosters was dismissed in December.

Madonna sang the praises of nonfungible tokens, or NFTs, depicting cartoon portraits of bored apes. Tampa Bay Buccaneers quarterback Tom Brady appeared in commercials endorsing crypto exchange FTX, which collapsed suddenly in November. And Kim Kardashian gushed about EMAX tokens on Instagram. Now they and other celebrities are facing civil lawsuits from investors who suffered losses on virtual assets, as well as scrutiny by regulators for allegedly duping the investing public. The legal actions, which have prompted some agents to caution their clients against financial endorsements, could clarify the ground rules for crypto promotions, as well as the hurdles investors must clear to hold promoters liable when investments go south.

☆ Why Tom Brady, David Ortiz, Jimmy Fallon and other celebrities are getting sued over crypto
▼ + stars: | 2022-12-14 | by ( Jennifer Korn | ) edition.cnn.com time to read: +4 min

Tom Brady, Madonna, Gwyneth Paltrow and baseball Hall-of-Famer David Ortiz are just some of the big names facing lawsuits from investors as the crypto world crumbles in the wake of FTX’s fall from grace. The backlash started earlier this month, when a class-action suit was filed against celebrities, including Jimmy Fallon, Justin Bieber and Serena Williams for promoting Bored Ape Yacht Club NFTs. None of the celebrities named in the lawsuits immediately responded to requests from CNN for comment. Investors in FTX are not expected to be able to recover their money, the company’s CEO testified on Capitol Hill Tuesday. And after the crypto market bust and a round of lawsuits, celebrities may think twice about what they endorse in the future, too.

☆ A judge dismissed a crypto promotion lawsuit against celebrities including Kim Kardashian and Floyd Mayweather Jr.
▼ + stars: | 2022-12-08 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

A judge has dismissed a lawsuit against celebrities over their role in promoting a crypto token. The lawsuit accused EthereumMax of conspiring with public figures to promote the token. The lawsuit, which was originally filed in January, accused EthereumMax of conspiring with celebrities to promote the EMax token. The judge told investors they could amend the proposed class action and refile it. Representatives for Kardashian and EthereumMax did not immediately respond to requests for comment from Insider.

☆ Kim Kardashian and other celebrities beat crypto investors’ lawsuit
▼ + stars: | 2022-12-08 | by ( ) edition.cnn.com time to read: +2 min

The lawsuit filed in January claims EthereumMax executives schemed with celebrity promoters to induce investors to buy the EMax token, driving up its price and allowing them to sell their own tokens at a profit. US District Judge Michael Fitzgerald in Los Angeles said that the investors may amend and refile their proposed class action. In Wednesday’s ruling, Fitzgerald said that investors had failed to show that the executives and promoters schemed to mislead investors, rather than acting in their own self-interest. The investors’ fraud claims failed because they had not stated whether or when they saw the promotions, the judge wrote. Kardashian agreed in October to pay the SEC $1.26 million to settle claims that she failed to disclose she was paid to promote EthereumMax tokens.

☆ EMax crypto investors’ lawsuit against Kim Kardashian, Floyd Mayweather Jr., other celebrities dismissed
▼ + stars: | 2022-12-07 | by ( ) www.nbcnews.com time to read: +2 min

The lawsuit filed in January claims EthereumMax executives schemed with celebrity promoters to induce investors to buy the EMax token, driving up its price and allowing them to sell their own tokens at a profit. U.S. District Judge Michael Fitzgerald in Los Angeles said that the investors may amend and refile their proposed class action. In Wednesday’s ruling, Fitzgerald said that investors had failed to show that the executives and promoters schemed to mislead investors, rather than acting in their own self-interest. The investors’ fraud claims failed because they had not stated whether or when they saw the promotions, the judge wrote. While the investors may revise those claims, Fitzgerald permanently dismissed their claim under California’s consumer protection law, which he said applies to tangible goods and services, not “intangible goods” such as cryptocurrency.

☆ Federal judge dismisses crypto scam lawsuit against Kim Kardashian, Floyd Mayweather Jr.
▼ + stars: | 2022-12-07 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

A federal judge on Wednesday dismissed a proposed class action lawsuit by investors against the founders of the cryptocurrency EthereumMax, as well as celebrity endorsers including Kim Kardashian and boxer Floyd Mayweather Jr. over their promotion of the cryptocurrency on social media. Investors who bought EMAX tokens alleged they had suffered losses after taking the word of the celebrity influencers about the value of the crypto. The suit claims the defendants engaged in a conspiracy to artificially inflate the value of the EMAX tokens. "We're pleased with the court's well-reasoned decision on the case," Michael Rhodes, a lawyer for Kardashian, told CNBC. Fitzgerald in his ruling Wednesday said the EthereumMax lawsuit reflects a broader conflict surrounding celebrity and influencer promotional schemes.

Nov 16 (Reuters) - U.S. crypto investors sued FTX founder Sam Bankman-Fried and several celebrities who promoted his exchange including NFL quarterback Tom Brady and comedian Larry David, claiming they engaged in deceptive practices to sell FTX yield-bearing digital currency accounts. The proposed class action filed on Tuesday night in Miami alleges that FTX yield-bearing accounts were unregistered securities that were unlawfully sold in the United States. When the crypto exchange faltered on liquidity concerns, U.S. investors sustained $11 billion in damages, the lawsuit says. The lawsuit seeks damages from Bankman-Fried and 11 athletes and other celebrities who promoted FTX, including David, the creator of "Seinfeld" and "Curb Your Enthusiasm." Sean Masson, an attorney at Scott+Scott who represents crypto investors in the EMAX case, said investors have used the Florida unfair trade law to target crypto promoters in lawsuits that are pending.

☆ Wall Street has made serious strides to embrace crypto this year. But after FTX's implosion, a regulatory crackdown is imminent.
▼ + stars: | 2022-11-15 | by ( Morgan Chittum | Rebecca Ungarino | ) www.businessinsider.com time to read: +7 min

In a stunning downfall, crypto platform FTX filed for Chapter 11 bankruptcy protection on Nov. 11. Crypto sentiment from Wall Street giants has come a long way over the past few years. After FTX's disaster, a crackdown on digital assets is imminent. Prominent government officials quickly spoke out against the crypto platform last week. Gensler says that the agency's aggressive stance on digital assets is an effort to protect investors and may encourage further crypto adoption.

☆ What to Know About (Legally) Marketing Crypto Assets
▼ + stars: | 2022-10-06 | by ( Megan Graham | ) www.wsj.com time to read: +6 min

Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals. The cryptocurrency boom has attracted many investors, including less experienced ones, raising questions about what is appropriate when marketing these types of assets. “Over time, especially in the crypto space, we’ve seen [people] try to call it different things to avoid the securities laws,” Mr. Gerold said. What is something else?” Mr. Gerold said. Mr. Gerold said it can depend on what the stars are saying in these ads.

Kardashian, who is reportedly worth $1.8 billion, agreed to pay $1.26 million to settle the charges over a promotion on Meta 's Instagram for EthereumMax's crypto asset, the SEC said. She will also cooperate with an ongoing investigation, and has agreed to not promote crypto securities for three years, the regulator added. Kardashian had already felt regulatory heat over her EthereumMax promo, which she posted on Instagram in June of last year. She started the post by asking her approximately 250 million Instagram followers, "ARE YOU INTO CRYPTO??? Her failure to disclose the payment was a violation of federal securities laws, the SEC said.

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