Bored Ape NFTs overview:
- Who: Yuga Labs Inc. and celebrities that promoted its Bored Ape NFTs, including Justin Bieber, Paris Hilton, Madonna and Jimmy Fallon, are facing a class action lawsuit from NFT purchasers.
- Why: The plaintiffs claim the NFTs were unlawfully endorsed.
- Where: The Bored Ape NFTs class action lawsuit was filed in a California federal court.
A host of A-list celebrities including Justin Bieber and Jimmy Fallon are among the defendants named in a new class action lawsuit alleging Yuga Labs’ NFTs were unlawfully marketed.
Plaintiffs Adam Titcher and Adonis Real filed the class action lawsuit against Yuga Labs Inc. and celebrities including Bieber, Fallon, Paris Hilton, Kevin Hart and Madonna on Dec. 8 in a California federal court, alleging violations of state and federal business laws, The Verge reports.
According to the lawsuit, Yuga Labs Inc. paid celebrities to endorse its Bored Ape Yacht Club NFT collection.
However, these endorsements can be unlawful if they do not disclose the nature, source, and amount of any compensation paid, directly or indirectly, by the company in exchange for the endorsement, according to the U.S. Securities and Exchange Commission.
Celebrities encouraged the public to purchase stocks and investments, lawsuit alleges
The celebrities used their social media networks to encourage the public to purchase the intangible NFT investments without the required disclosures, the class action lawsuit alleges.
The lawsuit alleges that Yuga Labs used a service called MoonPay as an intermediary to compensate those promoting the NFT collection.
MoonPay was allegedly founded by a well-connected Hollywood talent agent. It is advertised as an NFT exchange for celebrities and other investors but was, according to the complaint, used to compensate celebrity endorsements of Yuga Labs NFTs, without disclosing this information to investors.
The plaintiffs allege violations of unfair competition laws, aiding and abetting, and civil conspiracy. They’re looking to represent anyone who suffered financial losses by purchasing Yuga’s NFTs or Yuga’s cryptocurrency, ApeCoin, starting from April 23, 2021.
They’re seeking damages, restitution, fees, costs and a jury trial.
Meanwhile, former boxer Floyd Mayweather is also facing a crypto class action lawsuit alleging he promoted an allegedly fraudulent cryptocurrency token called EtheriumMax.
Did you buy Bored Ape NFTs? Let us know your experience in the comments!
The plaintiffs are represented by Scott+Scott Attorneys at Law LLP.
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