Famend soccer star Cristiano Ronaldo is going through a authorized setback as U.S. choose lately refused to dismiss a category motion lawsuit in opposition to him.
The lawsuit facilities on Ronaldo’s endorsement of Binance, the favored cryptocurrency trade, and its CR7 NFTs, alleging that his promotional efforts led buyers to make unsafe and expensive monetary choices.
The category motion lawsuit, filed in Florida, seeks damages exceeding $1 billion as plaintiffs argue that Ronaldo’s promotional actions influenced them to spend money on Binance and associated NFTs, leading to substantial monetary losses.
Supply: BinanceThe Origin of the Lawsuit
The lawsuit facilities on a partnership introduced in November 2022 between Binance and Ronaldo, the place Binance launched a group of NFTs branded with Ronaldo’s “CR7” initials and his iconic shirt quantity. The CR7 model is well known in soccer circles, and Ronaldo has used it for numerous product endorsements.
Ronaldo promoted the Binance NFTs on Instagram a number of occasions earlier this 12 months and the lawsuit contends that these endorsements inspired followers to spend money on the NFTs and different Binance-related merchandise, finally resulting in high-risk, expensive ventures.
Whereas Ronaldo’s authorized staff sought to have the lawsuit dismissed, Choose Roy Altman issued a ruling on Might 4 rejecting Ronaldo’s movement to dismiss and granted the plaintiffs’ request to remain proceedings whereas awaiting a ruling on arbitration.
The choose’s order said, “We deny with out prejudice the Defendant’s 29 movement to dismiss,” indicating Ronaldo might refile later.
