Tom Brady, other celebrities ask court to dismiss lawsuit over promoting FTX
Celebrities involved in a class action lawsuit over the promotion of crypto exchange FTX have asked the court to dismiss the lawsuit, according to reports. motion filed April 14th.
Celebrities include comedian actor and director Larry David, Tom Brady, Gisele Bündchen, Stephen Curry, Udonis Haslem, Trevor Lawrence, Kevin O’Leary, Shohei Ohtani, David Ortiz, Naomi Osaka, and Golden State.・Includes the Warriors NBA team.
The celebrity appeared in various FTX-related ads, including the Super Bowl ad, and promoted the exchange on social media throughout 2021-2022.
motion to dismiss
A number of motions to dismiss, filed on behalf of some celebrities, argue that the lawsuit is without merit because investors failed to present valid claims against the celebrities.
of filing said plaintiffs do not distinguish between celebrities involved in advertising and “FTX Insiders” like Sam Trabucco and Sam Bankman-Fried (SBF). Further, the investor has not disclosed how the celebrity caused the loss, nor has it submitted any evidence that the celebrity’s promotion influenced the investment.
According to the submission:
“There is no plausible connection between any advertising, postings, or sponsorships related to FTX generally and plaintiffs’ specific alleged loss of deposits.”
The attorneys said in the papers that celebrities had jobs and that such lawsuits would hold accountable any actor who appeared in brokerage advertisements and sold securities. A person claimed not to encourage investing in Yield Accounts (YBA).
“Plaintiffs were not injured by Movants (celebrities). As their complaints came to light, FTX, and not Movants, allegedly lured plaintiffs into opening the YBA.”
Garrison v. Bankman-Fried et al.
of class action lawsuit In November 2022, a lawsuit was filed in the Southern District of Florida on behalf of Edwin Garrison and all “like-minded” investors.
According to the complaint, FTX has been a fraudulent platform from the beginning, designed to prey on “unsophisticated investors” across America who use their phones to invest.
Additionally, the celebrity has said it promoted a fraudulent platform and failed to disclose the amount of compensation received, which violates securities laws.
A post by Tom Brady and other celebrities calling for the court to dismiss the lawsuit over the promotion of FTX first appeared on CryptoSlate.
