Famend soccer star Cristiano Ronaldo is dealing with a authorized setback as U.S. decide not too long ago refused to dismiss a category motion lawsuit in opposition to him.

The lawsuit facilities on Ronaldo’s endorsement of Binance, the favored cryptocurrency change, and its CR7 NFTs, alleging that his promotional efforts led traders to make unsafe and expensive monetary choices.

The category motion lawsuit, filed in Florida, seeks damages exceeding $1 billion as plaintiffs argue that Ronaldo’s promotional actions influenced them to spend money on Binance and associated NFTs, leading to substantial monetary losses.

The Origin of the Lawsuit

The lawsuit facilities on a partnership introduced in November 2022 between Binance and Ronaldo, the place Binance launched a group of NFTs branded with Ronaldo’s “CR7” initials and his iconic shirt quantity. The CR7 model is widely known in soccer circles, and Ronaldo has used it for numerous product endorsements.

Ronaldo promoted the Binance NFTs on Instagram a number of instances earlier this 12 months and the lawsuit contends that these endorsements inspired followers to spend money on the NFTs and different Binance-related merchandise, in the end resulting in high-risk, pricey ventures.

Whereas Ronaldo’s authorized crew sought to have the lawsuit dismissed, Choose Roy Altman issued a ruling on Could 4 rejecting Ronaldo’s movement to dismiss and granted the plaintiffs’ request to remain proceedings whereas awaiting a ruling on arbitration.

The decide’s order acknowledged, “We deny without prejudice the Defendant’s 29 motion to dismiss,” indicating Ronaldo could refile later.