As a researcher with a background in law and finance, I find this case intriguing, given the high-profile figures involved and the complex intersection of sports marketing, cryptocurrencies, and securities regulations.
The ongoing class action lawsuit against Cristiano Ronaldo over his promotion of Binance crypto exchange was not dismissed by the judge, despite Ronaldo’s attempt to have it thrown out.
Motion To Dismiss Denied
A U.S. judge, specifically Judge Roy Altman, thwarted football legend Cristiano Ronaldo’s attempt to dismiss a class action lawsuit against him. The ruling was issued on May 4 and rejected Ronaldo’s plea, aligning with the plaintiffs’ request to postpone the proceedings until a decision is made regarding their motion for compelled arbitration.
The judge ruled,
“We deny without prejudice the Defendant’s 29 motion to dismiss.”
The Lawsuit Against Ronaldo
As an analyst, I would rephrase the given text as follows:
As a passionate crypto investor, I couldn’t help but be excited when football legend Ronaldo took to Instagram to promote Binance NFTs. He didn’t just casually mention them; instead, he endorsed them with promises of potential rewards. The allure of NFT investments was clearly emphasized in his posts, igniting a flame of curiosity within me and many other fans. Ronaldo even encouraged us to explore not only the Binance NFTs but also other related products offered by the platform. His influence as a global sports icon added an extra layer of appeal, making it an enticing opportunity for those considering dipping their toes into the world of crypto and NFTs.
Plaintiffs’ Claims
In Florida, a lawsuit has been initiated with claims for compensation surpassing one billion dollars against Ronaldo. The grievance asserts that the football star’s endorsements resulted in significant financial setbacks for the investors.
The plaintiffs assert that Ronaldo’s endorsements played a significant role in their choice to invest in Binance and associated NFTs, ultimately leading to considerable financial damages. They contend that Ronaldo’s collaboration with Binance caused a surge in Google searches for the term “Binance,” while his premium NFTs were quickly sold out following their debut.
Currently, Binance finds itself involved in disputes with U.S. regulatory bodies regarding the classification of NFTs and tokens listed on its platform as investment contracts under American securities law.
Judge’s Ruling and Arbitration
The judge not only rejected Ronaldo’s attempt to throw out the case but also authorized the plaintiffs’ proposal to delay the proceedings and resolve the matter through arbitration instead.
“I request the court clerk to put a hold on this case temporarily. We need to resolve some pending motion requests for arbitration in the related action first.”
In this type of conflict resolution, two parties select an impartial outsider who has been mutually accepted to make a fair judgment instead of bringing the matter before a court.
As a crypto investor following the developments between Cristiano Ronaldo and Binance, I can’t help but recognize the significance of an upcoming arbitration process in this ongoing lawsuit. The resolution of this dispute could carry substantial consequences for both parties involved. For Ronaldo, the outcome may influence his reputation and potential future business deals. Meanwhile, Binance, which is already grappling with its own legal issues, stands to face more repercussions depending on how this situation unfolds.
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2024-05-09 17:13