In a legal blow to Cristiano Ronaldo, the famed Portuguese soccer star, the judge overseeing the $1 billion class action lawsuit against him has rejected his motion to dismiss the case. The lawsuit, filed in Florida, accuses Ronaldo of endorsing Binance, which allegedly led investors into making costly and risky investments.
Ronaldo's Motion Denied in Binance NFT Lawsuit
Judge Roy Altman's ruling, issued on May 4, followed a request from the plaintiffs to stay proceedings until a ruling on a motion to compel arbitration. Simultaneously, the judge denied Ronaldo's motion to dismiss the case, stating: "We deny without prejudice the Defendant's 29 motion to dismiss."
The lawsuit revolves around Ronaldo's promotion of Binance, particularly in relation to a collection of non-fungible tokens (NFTs) launched in partnership with the soccer star in November 2022, called "CR7." Through social media endorsements and other promotional activities, Ronaldo encouraged fans to invest in Binance, promising rewards and emphasizing the potential of NFT investments.
Cristiano Ronaldo Suffers Legal Blow For Promoting ‘Unsafe’ CR7 NFTs by Cryptocurrency Exchange Binance#CR7 | #CristianoRonaldo | #Cryptocurency https://t.co/aBXitJjvU3
— LatestLY (@latestly) May 8, 2024
Back in November 2022, Finance Magnates reported that Ronaldo, was set to unveil his inaugural non-fungible token (NFT) collection exclusively on the Binance NFT marketplace. This launch marks the culmination of a multi-year partnership deal between the Portuguese star and Binance, initiated nearly five months ago.
Binance announced that the collection aims to provide Ronaldo's fans with an introduction to Web3 through the realm of NFTs. The partnership aimed to facilitate broader blockchain understanding while also showcasing Binance's role in building Web3 infrastructure for the sports and entertainment sector.
Arbitration Stay Granted in Binance Endorsement Lawsuit
Ronaldo's endorsements of Binance extended to his Instagram account, where he frequently touted the exchange and its associated products. Despite the legal action, Ronaldo's publicist has not yet provided comment on the matter.
The plaintiffs in the lawsuit are seeking damages exceeding $1 billion, alleging that Ronaldo's endorsements led them into making investments that resulted in financial losses. Their request for the case to be stayed for arbitration, which would involve a third party resolving the dispute, has been granted by Judge Altman.
This article was written by Tareq Sikder at www.financemagnates.com.
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