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A class action lawsuit against Kim Kardashian and Floyd Mayweather Jr. over their promotion of crypto token ethereummax has been dismissed. The judge stated that the law \u201cexpects investors to act reasonably before basing their bets on the zeitgeist of the moment.\u201d<\/strong><\/p>\n A federal judge dismissed a proposed class action lawsuit on Wednesday against Ethereummax\u2019s founders and the crypto project\u2019s celebrity endorsers, including reality TV star Kim Kardashian, boxer Floyd Mayweather Jr., and former Boston Celtics star Paul Pierce.<\/p>\n In his ruling, Judge Michael Fitzgerald of the U.S. District Court for the Central District of California agreed that the lawsuit\u2019s claims raised legitimate concerns about \u201ccelebrities\u2019 ability to readily persuade millions of undiscerning followers to buy snake oil with unprecedented ease and reach.\u201d However, he explained:<\/p>\n While the law certainly places limits on those advertisers, it also expects investors to act reasonably before basing their bets on the zeitgeist of the moment.<\/p>\n<\/blockquote>\n Kardashian promoted Ethereummax and the EMAX cryptocurrency token in an Instagram post<\/a> in June 2021. The reality TV star settled<\/a> with the U.S. Securities and Exchange Commission (SEC) in October for failing to disclose a $250,000 compensation for touting the crypto token on her Instagram account. Mayweather Jr. promoted the same crypto token at a boxing match and a large Miami bitcoin conference in June 2021.<\/p>\n Attorney John Jasnoch told Fitzgerald:<\/p>\n If plaintiffs had known the true facts related to the promoters\u2019 financial interest in the tokens, and that they were being paid to shill these tokens, they wouldn\u2019t have paid as much for the tokens as they did.<\/p>\n<\/blockquote>\nCrypto Lawsuit Against Kim Kardashian Dismissed<\/h2>\n
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