Renowned football star Cristiano Ronaldo is facing a legal setback as U.S. judge recently refused to dismiss a class action lawsuit against him.
The lawsuit centers on Ronaldo’s endorsement of Binance, the popular cryptocurrency exchange, and its CR7 NFTs, alleging that his promotional efforts led investors to make unsafe and costly financial decisions.
The class action lawsuit, filed in Florida, seeks damages exceeding $1 billion as plaintiffs argue that Ronaldo’s promotional activities influenced them to invest in Binance and related NFTs, resulting in substantial financial losses.
Source: BinanceThe Origin of the Lawsuit
The lawsuit centers on a partnership announced in November 2022 between Binance and Ronaldo, where Binance released a collection of NFTs branded with Ronaldo’s “CR7” initials and his iconic shirt number. The CR7 brand is widely recognized in football circles, and Ronaldo has used it for various product endorsements.
Ronaldo promoted the Binance NFTs on Instagram multiple times earlier this year and the lawsuit contends that these endorsements encouraged fans to invest in the NFTs and other Binance-related products, ultimately leading to high-risk, costly ventures.
While Ronaldo’s legal team sought to have the lawsuit dismissed, Judge Roy Altman issued a ruling on May 4 rejecting Ronaldo’s motion to dismiss and granted the plaintiffs’ request to stay proceedings while awaiting a ruling on arbitration.
The judge’s order stated, “We deny without prejudice the Defendant’s 29 motion to dismiss,” indicating Ronaldo may refile later.