Update: As Miami Heat star, Jimmy Butler set to lose his NBA career to jail over $340K law suit as he Replied to action
NBA star Jimmy Butler and crypto YouTuber Ben Armstrong, known as “BitBoy,” have agreed to a combined settlement of $340,000 to resolve a class-action lawsuit alleging their promotion of Binance involved the sale of unregistered securities.
The agreement, submitted for preliminary approval by a Miami federal judge on August 19, would conclude a lawsuit that began in March 2023.
Under the settlement terms, Butler will pay $300,000, while Armstrong will contribute $40,000. Both individuals maintain their innocence and assert they have valid defenses against the claims.
Butler’s settlement agreement specifies that he “adamantly denies any and all wrongdoing” and believes he
The lawsuit also targets Binance, its former CEO Changpeng Zhao, and Binance’s U.S. affiliate BAM Trading. An amended complaint from June 2023 added Paxos Trust Company, a stablecoin issuer, to the list of defendants.
Adam Moskowitz, managing partner at The Moskowitz Law Firm and lead attorney for the plaintiffs, stated that the investigation uncovered Binance’s involvement in selling unregistered securities and emphasized that all promoters, including Butler, should be held accountable.
Butler and Armstrong had sought to dismiss the case alongside Zhao and Binance. While Armstrong’s lawyer, Darren Heitner, confirmed the resolution, he refrained from further comments. Butler’s legal team has not yet responded to requests for comment.
The settlement may benefit potentially millions of Binance.US and Binance.com users who engaged with Binance’s BNB Vault, Simple Earn, or staking products, as well as those who bought, held, or sold BNB.
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