Judge Allows State-Level Class Actions Against EthereumMax Promoters to Proceed
Main Idea
A federal judge in California has allowed state-level class actions against EthereumMax (EMAX) promoters to proceed, targeting high-profile figures like Kim Kardashian, Floyd Mayweather, and Paul Pierce, while rejecting a nationwide claim.
Key Points
1. The lawsuit involves investors who bought EMAX between May and June 2021, a period when the token's price surged 116,000% before crashing over 99%.
2. Judge Michael Fitzgerald ruled that state-level class actions meet federal procedural standards but rejected a nationwide class due to jurisdictional risks.
3. High-profile promoters like Kim Kardashian, Floyd Mayweather, and Paul Pierce are targeted, along with individuals linked to EMAX's creation, such as co-founder Giovanni Perone.
4. Kardashian settled with the SEC for $1.2 million in 2022 for failing to disclose a $250,000 payment to promote EMAX, while Paul Pierce was fined $1.4 million in 2023 for similar violations.
5. EMAX, marketed as a 'culture token,' gained viral attention in 2021 due to celebrity endorsements but faced regulatory scrutiny and investor lawsuits after its price collapse.
Description
A federal judge in California has cleared the way for investors to pursue state-level class actions against celebrities and other promoters of the EthereumMax (EMAX) token, while rejecting a broader nationwide claim. Key Takeaways: A judge allowed state-level EMAX class actions in NY, CA, FL, and NJ to proceed but rejected a nationwide class. Claims target Kim Kardashian, Floyd Mayweather, Paul Pierce, and others linked to EMAX’s creation. The token’s 2021 surge of 116,000% was followed by a 99%...
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