Investors in the parties to the 2022 lawsuit may be closer to taking legal action against celebrities promoting Ether Erima Islands (EMAX) tokens after a recent decision by a California judge.
Judge Michael Fitzgerald in a Wednesday filing filed in the U.S. District Court for the Central District of California indeed A motion that allows class action lawsuits to be filed in four U.S. states, but denies the requirement for a national course against EMAX sponsors. The order will allow cases of investors who purchase EMAX between May 2021 and June 2021 to continue in New York, California, Florida and New Jersey.
“The plaintiff proved that the proposed state level meets the requirements of the federal civil action rules,” the application reads Wednesday. “However, for the proposed national class, the risk of extraterritorial application of California and Florida’s law is too high, as is the risk of personalized issues that are not suitable for ordinary evidence at trial.”
The decision will allow celebrities Kim Kardashian, boxer Floyd Mayweather and former NBA star Paul Pierce, all of whom have promoted the tokens, as well as individuals and entities involved in their creations, including emax Holdings, Emax co-founder Giovanni Perone and Emax’s consultants, recruiters, recruiters, RECOKESMAN and PREKESMAN JONATITZ. Kardashian promoted the tokens in her Instagram story, which could reach 200 million people in 2021.
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Back in 2021, what led to EMAX lawsuits
Ethereummax’s white paper describes it as a “cultural token”, with many people in the crypto industry in 2021 following the recognition of some A-level celebrities including Kardashian. Many claim the project is a “pump and dump” program as prices soared over 116,000% in a week and then dropped by more than 99% with many investors holding bags.
Although it was originally Fitzgerald Class action dismissed In December 2022, it was noted that before investing, the buyer of the token is expected to conduct due diligence and he asked them to open the door for them to back up. them I did it in about seven monthsin the same area, supervised by the same judge.
It’s Kardashian A $1.2 million settlement was reached In October 2022, the Securities and Exchange Commission failed to disclose a $250,000 payment to promote EMAX.
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