About Class Action
A class action, class suit, or representative action is a type of lawsuit where one of the parties is a group of people who are represented collectively by a member of that group.
Cristiano Ronaldo faces $1bn lawsuit over Binance ads
...By Tom GerkenTechnology reporterFootballer Cristiano Ronaldo is facing a Class Action lawsuit in the US over his promotion of Binance, the largest cryptocurrency exchange in the world...
Peter Nygard: Fashion mogul guilty of sex assaults
... He also claimed that four of the five women - who are also part of a US Class Action lawsuit - were motivated by financial gain...
Lawsuit accuses Abercrombie & Fitch of funding sex-trafficking operation
... It is a Class Action - where one or several people sue on behalf of a much larger group...
How Mike Jeffries used shirtless models to sell Abercrombie
... One year later, the company faced a Class Action lawsuit brought by several thousand former employees and job applicants, who alleged the company had discriminated against African Americans, Latinos and Asian Americans in its hiring and advertising...
Alan Joyce: Qantas boss exits early amid mounting scandals
... It is also appealing against a ruling it illegally outsourced thousands of jobs during the pandemic, and fighting a Class Action from customers over its inflexible flight credit scheme...
Ana de Armas: Judge throws out legal action over Yesterday film trailer
... 9m) from Universal in the case, which was filed as a Class Action on behalf of other disappointed fans...
Burger King faces lawsuit claiming Whopper too small
... The Class Action lawsuit against Burger King alleged that the Whopper was made to look 35% larger, with more than double the amount of meat compared to what was actually served to customers...
Google's ChatGPT rival Bard launches in Europe and Brazil
... Google has also been hit by a fresh Class Action in the US over the alleged misuse of users personal information to train Bard...
Cristiano Ronaldo faces $1bn lawsuit over Binance ads
By Tom GerkenTechnology reporter
Footballer Cristiano Ronaldo is facing a Class Action lawsuit in the US over his promotion of Binance, the largest cryptocurrency exchange in The World .
The plaintiffs claim his endorsement led to them make loss-making investments.
They are seeking damages of " a sum exceeding" $1bn (£790m).
The Bbc has contacted both Ronaldo's management company and Binance for comment.
In November 2022, (NFTs) in partnership with Ronaldo, which the footballer said would reward fans " for all The Years of support".
NFTs are virtual assets that can be bought and sold, But which have no real-world form of their own - in other words they only exist digitally. Generally, they are used to mark ownership of something, Such as a picture or video online.
" CR7" refers to Ronaldo's initials and shirt number, and is used as branding in a range of products, from footwear to fragrances, that have helped make him one of the.
In a Social Media video announcing the partnership, Ronaldo told would-be investors " We Are going to change the NFT game and take football to The Next level".
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser. The Bbc is not responsible for the content of external sites.Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read and before accepting. To view this content choose ‘accept and continue'.
The Bbc is not responsible for the content of external sites.The cheapest NFT from The Collection was priced at $77 when it went on sale in November 2022 - But One Year later, it was priced at around $1.
The claimants allege that Ronaldo's promotion of Binance led to a "500% increase in searches" for the crypto exchange, which is registered in the Cayman Islands .
They also say it led people to use The Firm to invest in what they call " unregistered securities" - Such as Binance's BNB cryptocurrency.
According to the US Securities and Exchanges Commission (SEC), these assets can be considered securities - and so celebrities endorsing them must follow US law.
SEC chair Gary Gensler " disclose to The Public from whom and how much you are getting paid to promote investment in securities".
" When celebrities endorse investment opportunities, including crypto asset securities, investors should Be Careful to research if the investments are right for them, and they should know why celebrities are making those endorsements, " He Said .
The claimants allege Ronaldo should have disclosed how much he was being paid, But did not.
Nigel Green , boss of consultancy firm DeVere Group, said the problems at The Heart of the case went wider than just one footballer.
" It is crucial to recognise that blaming Ronaldo alone oversimplifies a complex issue, " He Said .
" Instead, attention should also be directed towards global regulators who have been slow to establish clear guidelines for this evolving financial landscape. "
Future plansRonaldo and Binance appear to have plans to work Together Again in The Future , with a recent Social Media post from the footballer saying they are " cooking something up".
Neither have responded to The Bbc 's requests for comment.
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser. The Bbc is not responsible for the content of external sites.Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read and before accepting. To view this content choose ‘accept and continue'.
The Bbc is not responsible for the content of external sites.The Class Action suit was filed a week after the US Justice Department.
It accused Binance of helping users bypass sanctions around The World , and of Making It easy for criminals and terrorists to move money.
Its chief executive, Changpeng Zhao , resigned from The Firm , having admitted Money Laundering violations.
Major League Baseball, Formula 1 and Mercedes-Benz are all also facing Class Action lawsuits filed on the same day over their promotion of failed crypto exchange FTX.
Related TopicsSource of news: bbc.com