Good day all,
This is Alice.
I have brought a quick news of a case of litigation for Tezos this week.
The lawsuit issue has been an issue for a while but it doesn't seem to end for anytime soon.
Title : Tezos Community vs. Tezos Community?
A few people in Tezos community have proceeded a class action lawsuit led by plaintiff, Arman Anvari who put in $270,000 into the project.
The defendants are accused of violating the U.S Securities Commission (SEC) regulations as the lawsuit will determine whether they held an unregistered securities sale in the U.S.
The judge, however, dismissed the Breitmans’ motion that their “fundraiser” fell out of SEC’s jurisdiction because it was administered by the Tezos Foundation, which is based in Switzerland.
The lawyers for the Tezos defendants argue that the new lead plaintiff should not be hand picked by the plaintiff’s lead counsel. Instead, defendants want the new lead plaintiff to be approved by the Court, file their own new lawsuit and give the defendants a chance to move to dismiss.
The Tezos Foundation has expressed that they plan to fight back no matter what happens against them.
Referred to :
https://coingeek.com/tezos-saga-continues-lead-plaintiff-withdraws-lawsuit/
https://bitcoinexchangeguide.com/tezos-community-upset-over-class-action-lawsuit-claiming-it-is-damaging-the-xtz-token-price/
https://www.theblockcrypto.com/2019/02/15/tezos-litigation-potentially-slowed-by-plaintiff-problems/
https://www.theblockcrypto.com/2019/01/25/class-action-against-tezos-is-it-a-securities-offering/
https://www.reuters.com/article/us-otc-tezos/lead-plaintiff-in-tezos-cryptocurrency-class-action-wants-out-a-cautionary-tale-idUSKCN1PX2EN