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Kim Kardashian Likely to Win Lawsuit Over Involvement With EthereumMax
A California district judge decided to dismiss the motion because the complainant was not able to supply sufficient facts.
CORRECTION (June 7, 2023, 10:31 UTC): Corrects headline and first paragraph to clarify that Kardashian seems likely to win the lawsuit.
Reality TV star Kim Kardashian seems likely to win a lawsuit against her and other celebrities over their endorsement of cryptocurrency platform EthereumMax (EMAX) on Tuesday after a judge tentatively dismissed the case due to insufficient allegations
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The plaintiffs alleged in January they suffered damages after following celebrity endorsements by the likes of Kardashian, along with retired boxer Floyd Mayweather Jr. and National Basketball Association Hall of Famer Paul Pierce.
“The court acknowledges that this action raises legitimate concerns over celebrities’ ability to readily persuade millions of undiscerning followers to buy snake oil with unprecedented ease and reach,” Judge Michael Fitzgerald of the U.S. District Court for the Central District of California, said in a document of the proceeding.
Nevertheless, the judge decided to dismiss the motion, as expected, because the complainant was not able to supply sufficient facts.
“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,” Fitzgerald said in the document.
Kardashian has had to pay $1.26 million to the U.S. Securities and Exchange Commission for not disclosing the $250,000 payment she received for promoting EthereumMax.
Read more: Kim Kardashian Settles SEC Probe for $1.26M for Hyping EthereumMax Without Disclosing Payment
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
