A federal judge has dismissed a lawsuit against reality TV star Kim Kardashian, boxing legend Floyd Mayweather Jr. and others over their role in promoting a cryptocurrency.
The lawsuit filed in January claims EthereumMax executives schemed with celebrity promoters to induce investors to buy the EMax token, driving up its price and allowing them to sell their own tokens at a profit. US District Judge Michael Fitzgerald in Los Angeles said that the investors may amend and refile their proposed class action.
Also named in the lawsuit was former National Basketball Association star Paul Pierce. Kardashian promoted EthereumMax in a June 2021 post on Instagram, and Mayweather wore the company’s logo on his boxing trunks during a widely viewed fight, the investors said. In Wednesday’s ruling, Fitzgerald said that investors had failed to show that the executives and promoters schemed to mislead investors, rather than acting in their own self-interest.
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