Lawsuit against Tezos, which Lasted 3 years, ends in a $25 Million Settlement

News • 2020/09/01 • by Remitano

The lawsuit against Tezos which lasted three years has finally been concluded following the approval of Tezos $25 million settlement on Friday by judge Seeborg

The judge says a claim must be filed before October 16, 2020 by eligible parties before they can receive the amounts allocated to them as the money would be shared out to all the participants, either individual or organization who partiipated in Tezos initial coin offering in July 2017. The claim is also available for investors who did not put up their coin for sale, those who sold at a loss before November 25, 2019, and investors that can't access their tokens.

One-third of the compensation was given to the plaintiff counsel plus approximately $203k worth litigation expenses that the defendant must pay separately.

The settlement made plaintiffs renounce their rights to make subsequent claims against the token and other defendants.

The legal action started when Tezos, Arthur Breitman, and some others were sued around December 2017 by a plaintiff for an alleged project ICO that involved an unlicensed security offering.

Source: Cointelegraph

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