Floyd Mayweather has recently won a battle outside of the ring.
Back in January, a lawsuit was filed against the boxing champion, Kim Kardashian, and Paul Pierce over the claim of being involved in a scheme with EthereumMax to promote its EMax token.
According to Reuters, investors said that Mayweather sported the cryptocurrency company’s logo across his boxing shorts during a popular match.
Now, the lawsuit has been dismissed.
On Dec. 7, U.S. District Judge Michael Fitzgerald in Los Angeles ruled for the investors to amend and refile their proposed class action since they failed to state whether or when they saw the promotions, the outlet reports. What’s more, the ruling noted: “that the executives and promoters schemed to mislead investors, rather than acting in their own self-interest.”
The crypto investors have the opportunity to revise their claims. Their attorney, Sean Masson, stated he will do so and plans to add “a host of additional facts demonstrating defendants’ wrongdoing and liability.”
However, Fitzgerald has ruled out the EthereumMax case indefinitely under California’s consumer protection law. According to the California judge, the law applies to tangible goods and services, not “intangible goods” such as cryptocurrency.
While Mayweather’s attorneys didn’t give a statement to the outlet, Michael Rhodes, the lead attorney for Kardashian, shared that the defense is “pleased with the court’s well-reasoned ruling.”
As previously reported by AfroTech, Kardashian had to pay a $1.26 million fine to the Securities and Exchange Commission (SEC) for failing to disclose a payout for promoting EthereumMax’s EMAX tokens.
The Aftermath Of Cryptocurrency's Hype
Over the year, celebrities have been under heat for their involvement in cryptocurrency companies.
In November, Shaquille O’Neal, Tom Brady, Stephen Curry, Naomi Osaka, and more were named as defendants in an $11 billion class-action lawsuit against FTX, as AfroTech previously shared with you.
The suit claimed that the celebrities’ endorsements of the cryptocurrency exchange as a “fraudulent scheme” and “designed to take advantage of unsophisticated investors from across the country, who utilize mobile apps to make their investments.”