The FTX Cryptocurrency Exchange Class Action Lawsuit: Celebrities Seek Dismissal
On April 18th, according to a newly filed court motion, celebrities involved in promoting the cryptocurrency exchange FTX class action lawsuit have requested the court to dismiss t
On April 18th, according to a newly filed court motion, celebrities involved in promoting the cryptocurrency exchange FTX class action lawsuit have requested the court to dismiss the case. These celebrities include comedian and director Larry David, NFL star Tom Brady, Gisele Bundchen, NBA star Stephen Curry, Udonis Haslem, TrevorLawrence, Kevin O’Leary, baseball star Shohei Ohtani, David Ortiz Tennis star Naomi Osaka and the NBA Golden State Warriors. According to relevant lawyers, these celebrities did not advocate investing in the Income Account (YBA), and the class action lawsuit is claiming losses from such accounts. Previously, it was reported that regulatory agencies in Texas are investigating celebrities promoting FTX, including NBA star Curry and NFL star Brady. (Cryptoslate)
NBA star Stephen Curry and other celebrities have asked the court to dismiss the lawsuit on promoting FTX
Introduction
On April 18th this year, a new development occurred in the ongoing FTX cryptocurrency exchange class action lawsuit. The lawsuit alleges that investors suffered losses from investing in the Income Account (YBA) through FTX, which was promoted by several celebrities. However, the celebrities involved in the promotion have requested the court to dismiss the case. This article will examine the details of the lawsuit and the celebrities involved.
The Lawsuit
The class action lawsuit against FTX was filed in November 2020, in the US District Court for the Southern District of Florida. The lawsuit claims that FTX misled investors by promoting the Income Account (YBA) as a safe investment option. The Income Account (YBA) is a high yield investment account designed to provide returns on cryptocurrency holdings.
The lawsuit further claims that FTX failed to disclose the risks involved in investing in the Income Account (YBA) and that it misled investors by promoting celebrities who endorsed the product. The lawsuit seeks damages for the investors who suffered losses as a result of investing in the Income Account (YBA) through FTX.
The Celebrities Involved
Several celebrities were involved in the promotion of the Income Account (YBA) through FTX. These celebrities include comedian and director Larry David, NFL star Tom Brady, Gisele Bundchen, NBA star Stephen Curry, Udonis Haslem, Trevor Lawrence, Kevin O’Leary, baseball star Shohei Ohtani, David Ortiz, Tennis star Naomi Osaka, and the NBA Golden State Warriors.
According to their lawyers, these celebrities did not advocate investing in the Income Account (YBA), and therefore, they contend they should not be held responsible for the losses that investors suffered. Furthermore, they argue that the class action lawsuit is claiming losses from such accounts regardless of whether or not the celebrity promotion was a contributing factor.
Regulatory Investigation
Previously, regulatory agencies in Texas were investigating celebrities promoting FTX, including NBA star Curry and NFL star Brady. The Texas State Securities Board alleged that the celebrities may have violated the Texas Securities Act by participating in the promotion of FTX without disclosing their financial interest in the company.
Conclusion
The FTX cryptocurrency exchange class action lawsuit has taken a new turn with celebrities involved in promoting the Income Account (YBA) through FTX requesting the court to dismiss the case against them. The lawsuit filed in November 2020 alleged that investors suffered losses from investing in the Income Account (YBA) through FTX. It also claims that FTX misled investors by failing to disclose the risks involved in investing in the Income Account (YBA) and promoting celebrities who endorsed the product. The outcome of this lawsuit could have a significant impact on celebrity endorsements of cryptocurrency and other investment products.
FAQs
Q. Can the celebrities be held responsible for the losses suffered by investors?
A. The lawyers for the celebrities argue that their clients did not advocate investing in the Income Account (YBA) and therefore cannot be held responsible for the losses suffered by investors.
Q. Are the celebrities still promoting FTX?
A. There is no information on whether the celebrities are still promoting FTX.
Q. What is the impact of this lawsuit on celebrity endorsements of cryptocurrency and other investment products?
A. The outcome of this lawsuit could have a significant impact on celebrity endorsements of cryptocurrency and other investment products as it could potentially create more stringent rules and regulations for celebrity endorsements.
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