A federal judge dismissed a class-action lawsuit against celebrities including Kim Kardashian for cryptocurrency promotion

2022-12-08 09:08:41

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ChainCatcher news, according to CNBC, a federal judge dismissed a proposed class action lawsuit against EthereumMax founder and celebrities like Kim Kardashian and boxer Floyd Mayweather for promoting the cryptocurrency.

Plaintiff Ryan Huegrich filed the lawsuit earlier this year on behalf of all investors who purchased EthereumMax tokens between May 14 and June 17, 2021. Last October, Kardashian was accused by the U.S. Securities and Exchange Commission (SEC) of illegally promoting the EtherumMax tokens; she did not admit or deny any findings from the regulator and agreed to pay $1.26 million.

The judge stated that the plaintiff's claims were not sufficiently supported, particularly "given the higher pleading standard for fraud claims," but he would allow the plaintiff's attorneys to refile after amending some of their claims based on certain statutes cited in the original complaint. (source link)

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