The U.S. Court of Appeals for the Second Circuit ruled Wednesday, essentially upholding a lower court's 2023 decision to dismiss a class-action lawsuit against decentralized exchange Uniswap.
In 2022, a group of investors sued Uniswap Labs and some of its venture capital investors, alleging that the company harmed investors by allowing fraudulent tokens to be issued on its protocols. In 2023, District Court Judge Katherine Polk Failla for the Southern District of New York sided with Uniswap, dismissing the case.
Plaintiffs appealed Failla's ruling in September 2023, but Wednesday's decision by the 2nd Circuit largely dismissed the appeal request. The court upheld Failla's dismissal of plaintiffs' claims under the Securities Act and Exchange Act, holding that "the drafters of smart contracts are held liable'contrary to logic 'for third-party misuse of the platform". The only part to be sent back for retrial is the state law claim, which plaintiffs will bring under state law in New York, North Carolina and Idaho with similar allegations.
The US appeals court has largely upheld the 2023 ruling, dismissing a class-action lawsuit against Uniswap
2025-02-26 20:58:55
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