On March 27, a federal judge in California dismissed a class-action lawsuit against the Dfinity Foundation, the development company of the ICP. U.S. District Judge James Donato granted Dfinity's motion to dismiss, ruling that the case was "excluded from the statute of limitations" for exceeding the three-year statute of limitations under the Securities and Exchange Act.
The court upheld Dfinity's contention that it first made ICP tokens available to the public in February 2017, so the August 2021 investor action has exceeded the legal time frame. The plaintiff, then represented by Freedman Normand Friedland LLP (formerly Roche Freedman), did not respond to the defendant's arguments. Judge Donato therefore wrote that it was "natural" to dismiss these claims because of the time-out in the litigation.
A California judge has rejected a class-action lawsuit against the Dfinity Foundation
2025-03-27 07:32:53
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