EthereumMax

Wednesday

A California federal judge has cleared the way for investors in four U.S. states to pursue legal claims against celebrities who promoted the EthereumMax (EMAX) token, reviving part of a high-profile case that has trailed the crypto project since 2021.In a Wednesday order, U.S. District Judge Michael Fitzgerald allowed class actions to proceed in New York, California, Florida, and New Jersey for investors who bought <a href="https://financefeeds.com/exploring-the-memecoin-market-scams-celebrity-influence-and-the-path-to-security/" rel="noopener noreferrer nofollow">EMAX</a> between May and June 2021. However, he rejected a proposed nationwide class, citing concerns over “inappropriate extraterritorial application” of state laws and the complexity of proving claims on a uniform basis.The ruling means state-level cases can move forward against <a href="https://financefeeds.com/kim-kardashian-fined-1-million-for-promoting-emax-tokens-on-social-media/" rel="noopener noreferrer nofollow">Kim Kardashian</a>, Floyd Mayweather, and Paul Pierce, who promoted EMAX at the height of the token’s hype, as well as figures tied to its creation, including EMAX Holdings, co-founder Giovanni Perone, and alleged consultant Jona Rechnitz. Kardashian’s 2021 Instagram post about EMAX reportedly reached up to 200 million followers.EthereumMax billed itself as a “culture token,” but after celebrity endorsements sent its price soaring more than 116,000% in a week, it later crashed over 99%, prompting investor claims it was a “pump and dump” scheme.Fitzgerald had dismissed the original lawsuit in December 2022, saying buyers were expected to conduct their own due diligence, but allowed investors to refile. They did so seven months later, bringing the current action.Separately, Kardashian agreed in October 2022 to pay $1.26 million to settle U.S. Securities and Exchange Commission charges for failing to disclose a $250,000 payment she received to promote EMAX.

Kim Kardashian, Floyd Mayweather Face Renewed EthereumMax Legal Battles

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