Celebrities Partially Cleared in FTX Lawsuit
In a significant ruling, Judge K. Michael Moore of the Southern District of Florida dismissed most claims against a high-profile group of defendants, including former NFL star Tom Brady, model Gisele Bündchen, Shark Tank’s Kevin O’Leary, comedian Larry David, and athletes like Shohei Ohtani and Steph Curry. The defendants were sued by investors of the collapsed cryptocurrency exchange FTX, with allegations revolving around their promotion of the platform.
Judge Moore cited that plaintiffs failed to sufficiently demonstrate causation and did not convincingly argue that the defendants were aware of any fraudulent activities surrounding FTX. He acknowledged that while these celebrities could have acted with negligence or recklessness, the plaintiffs lacked evidence to prove that they knowingly participated in any deceit aimed at investors.
Despite the dismissal of most claims, the legal battle isn’t over for these high-profile figures. The ruling leaves open allegations regarding violations of state securities laws in Florida and Oklahoma. Furthermore, Judge Moore granted the plaintiffs the opportunity to amend their complaint, urging them to present stronger evidence if they wish to pursue their case further.
This decision marks a notable moment in the ongoing fallout from FTX’s collapse, as both the celebrity defendants and the investors navigate a complex legal landscape. As the case evolves, it will be crucial to watch how the plaintiffs regroup and whether they can bolster their evidence for the remaining claims against these prominent figures.
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