In a authorized blow to Cristiano Ronaldo, the famed Portuguese soccer star, the decide overseeing the $1 billion class motion lawsuit towards him has rejected his movement to dismiss the case. The lawsuit, filed in Florida, accuses Ronaldo of endorsing Binance, the world’s largest cryptocurrency trade, which allegedly led buyers into making pricey and dangerous investments.
Choose Roy Altman’s ruling, issued on Could 4, adopted a request from the plaintiffs to remain proceedings till a ruling on a movement to compel arbitration. Concurrently, the decide denied Ronaldo’s movement to dismiss the case, stating, “We deny with out prejudice the Defendant’s 29 movement to dismiss.”
The lawsuit revolves round Ronaldo’s promotion of Binance, significantly in relation to a set of non-fungible tokens (NFTs) launched in partnership with the soccer star in November 2022, referred to as “CR7.” By social media endorsements and different promotional actions, Ronaldo inspired followers to spend money on Binance, promising rewards and emphasizing the potential of NFT investments.
Ronaldo’s endorsements of Binance prolonged to his Instagram account, the place he ceaselessly touted the trade and its related merchandise. Regardless of the authorized motion, Ronaldo’s publicist has not but offered touch upon the matter.
The plaintiffs within the lawsuit are in search of damages exceeding $1 billion, alleging that Ronaldo’s endorsements led them into making investments that resulted in monetary losses. Their request for the case to be stayed for arbitration, which might contain a 3rd occasion resolving the dispute, has been granted by Choose Altman.