Renowned football player Cristiano Ronaldo is facing a legal setback as a US judge recently refused to dismiss a class action lawsuit against him.
The lawsuit revolves around Ronaldo’s approval Binancethe popular cryptocurrency exchange, and its CR7 NFTs, claiming that its promotional efforts led investors to make unsafe and costly financial decisions.
The class action lawsuit, filed in Florida, seeks more than $1 billion in damages as the plaintiffs allege Ronaldo’s promotional activities prompted them to invest in Binance and related NFTs, resulting in significant financial losses.
Source: BinanceThe origins of the lawsuit
The lawsuit centers on a partnership between Binance and Ronaldo announced in November 2022, which saw Binance release a collection of NFTs featuring Ronaldo’s initials ‘CR7’ and his iconic jersey number. The CR7 brand is widely recognized in football circles and Ronaldo has used it for several product endorsements.
Ronaldo promoted the Binance NFTs on Instagram multiple times earlier this year, and the lawsuit claims that these endorsements encouraged fans to invest in the NFTs and other Binance-related products, ultimately leading to risky, costly ventures.
While Ronaldo’s legal team attempted to dismiss the lawsuit, Judge Roy Altman issued a ruling on May 4 denying Ronaldo’s motion to dismiss and granting the plaintiffs’ request to stay the proceedings pending a ruling on arbitration .
The judge’s order stated, “We deny defendant’s 29 motion to dismiss, without prejudice,” indicating Ronaldo may appeal again later.