Tezos ICO $25M Litigation Settlement Gets Final Approval
BOSTON, Oct. 15, 2020 (GLOBE NEWSWIRE) — On August 27, 2020, the United States District Court for the Northern District of California issued an order finally approving a $25 million settlement in a class action against certain Defendants affiliated with a July 2017 initial coin offering of the Tezos cryptocurrency. The pioneering lawsuit was one of the first to assert that a cryptocurrency issuer had violated federal securities laws by failing to register an ICO. The lawsuit was initiated after fears that the Tezos network would never launch; the Tezos network did formally launch in September 2018.
Block & Leviton represented the sole Lead Plaintiff Trigon Trading Pty. Ltd. (“Trigon”). Matteo Salerno, founder of Trigon stated: “As a member of the class, Trigon’s aim in joining the proceedings early on was to ensure certainty for the Tezos project and for the larger cryptocurrency community. Once appointed lead plaintiff, Trigon aimed to conduct its role in a measured, fair, and balanced manner. The outcome here is one that provides a reasonable resolution for all parties, and a degree of closure for the Tezos community.”
