The Tezos ICO litigation settlement reaches final approval as per the documents from the United States District Court for the Northern District of California. The court order finally approved a $25 million settlement in a class action against the defendants that were correlated with the 2017 initial coin offering for the Tezos cryptocurrency. In today’s latest Tezos news, we are reading more about the settlement.
The pioneering lawsuit was one of the first to assert that a crypto issuer violated federal securities laws by failing to register an ICO. The lawsuit was initiated after the fears that Tezos will never launch but the network formally launched in September 2018. Block & Leviton represented the plaintiff Trigon Trading Pty.LTD and the founder of Trigon Matteo Salerno said:
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.”
Jacob Walker of Block & Leviton said:
“We were pleased to represent Trigon and the class in this case as co-Lead counsel and are proud that we were able to obtain such an excellent result for ICO participants. It was a hard-fought litigation centered around applying old laws to a very new technology. We are glad to have been able to use our experience with the securities laws in this very new kind of case. It is important that investors are protected by the law, even with investments based in new and groundbreaking technologies.”
The individuals that took participation in the Tezos ICO, either sold their tokens at a loss or continued holding them along with individuals that participated but could claim their tokens can now file a claim to participate in the Tezos ICO litigation settlement and obtain their share of the settlement fund.
In our recent Tezos news, Tezos and Microsoft will work together to boost the startup industry in India. The innovation management company Lumos Labs specializes in technology and has now created the “Century Program” in cooperation with Microsoft. Tech Mahindra will join the force as well and the KODA AUTO division as well as TEzos India so they can focus on the Indian-based startup blockchain space. The goal is to “evangelize, heal and unearth” 100 solutions that are based on the blockchain with specific industrial applications.
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