Judge Denies Ronaldo’s Dismissal Motion in $1 Billion Binance NFT Lawsuit
Cristiano Ronaldo, the renowned soccer star, faces a legal hurdle in the ongoing $1 billion class-action lawsuit against him.
On May 4th, Judge Roy Altman rejected Ronaldo’s motion to dismiss the case.
The lawsuit, filed in Florida, accuses Ronaldo of promoting cryptocurrency exchange Binance in a way that misled investors.
Plaintiffs claim Ronaldo’s endorsements, particularly for a collection of NFTs (“CR7”) launched with Binance in November 2022, led them to make risky and expensive investments.
Ronaldo’s legal team had requested dismissal, but Judge Altman denied it, allowing the case to proceed.
The judge also granted a stay on the main proceedings while a separate motion regarding arbitration is considered.
My NFT collection is coming on November 18, exclusively on @Binance.
— Cristiano Ronaldo (@Cristiano) November 15, 2022
This is your chance to join my Web3 community and own iconic moments from my career.
Sign up now with code RONALDO to prepare, and receive a surprise when the collection drops. pic.twitter.com/5lXNzxs2lC
This motion argues that the dispute should be settled through arbitration, a process involving a neutral third party.
The lawsuit centers on Ronaldo’s social media promotions and other activities encouraging fans to invest in Binance and its NFT offerings.
Plaintiffs claim these endorsements were misleading and resulted in their financial losses.
Binance and Ronaldo announced their multi-year partnership in July 2022, aiming to introduce Ronaldo’s fanbase to the world of NFTs and Web3 technology.
However, the lawsuit paints a different picture, alleging Ronaldo’s actions led fans towards risky investments.
While Ronaldo’s publicist has not responded to requests for comment, the case highlights the potential legal risks associated with celebrity endorsements in the cryptocurrency space.
The arbitration motion might delay the main case, but the judge’s rejection of dismissal keeps the lawsuit alive.
For more Web3 news, check out the XGA newsfeed.
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