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Block.One Settles $27.5 Million EOS Class Action Lawsuit

Block.One Settles $27.5 Million EOS Class Action Lawsuit
  • Block.One has agreed to settle with a neighborhood of investors who sued them in 2020
  • The class motion lawsuit used to be in reference to Block.One allegedly selling unregistered securities
  • Block.One denied wrongdoing but settled for $27 million

EOS.io creator Block.One has settled a class motion lawsuit by disgruntled ICO investors, agreeing to pay out $27.5 million to the lead plaintiff, Crypto Resources Opportunity Fund (CAOF). The class motion swimsuit, which used to be made out of multiple suits at the delivery filed independently of each other in 2020, alleges that Block.one misled its investors by selling unregistered securities. It also accused them of artificially inflating the price of EOS tokens. Block.one denied the allegations but claimed it used to be settling in repeat to complete the distraction of the court case.

More than one Complaints Packaged into One

The origins of the case date abet to April 2020 when EOS.io ICO investors Trip Williams and William Zhang filed on behalf of any individual who sold EOS tokens proper thru the ICO period of June 26, 2017 and June 4, 2019. A month later, CAOF and one other investor, Johnny Hong, filed a identical lawsuit. The court blended the court cases in August 2020 and appointed CAOF as lead plaintiff, where the whine period used to be prolonged to May perhaps well additionally 18, 2020.

A settlement used to be agreed on May perhaps well additionally 9 but most efficient got here to light no longer too lengthy ago after the court printed an replace on Friday. Despite a figure of $27 million being agreed in theory, CAOF and Block.one proceed to disagree on the extent of liability and damages, which will likely be decided by the court following any appeals.

Block.One Denies Wrongdoing

Block.One issued a explain relating to the settlement on Friday where it denied wrongdoing:

Block.one believes this lawsuit used to be with out merit and full of a amount of inaccuracies. Then again, accepting this settlement permits us to focus beyond regular time and energy on running our business and handing over recent products.

Block.One used to be fined $24 million in October 2019 after the Securities and Alternate Commission dominated that its ICO contravened regulations criminal guidelines, which adds weight to the claims made by the plaintiffs and positively gave them self perception to pursue their case.

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