California judge dismisses class action lawsuit against Dfinity Foundation
A federal judge in California has dismissed a class-action lawsuit against the Dfinity Foundation, the developer of ICP. U.S. District Court Judge James Donato approved Dfinity's motion to dismiss, ruling that the case was "time-barred" due to exceeding the three-year statute of limitations under securities law.
The court supported Dfinity's argument that its first offering of ICP tokens to the public was in February 2017, so an investor lawsuit in August 2021 had exceeded the legal timeframe.
At that time, plaintiffs represented by Freedman Normand Friedland LLP (formerly Roche Freedman) did not respond to defendant's arguments. Therefore, Judge Donato wrote that dismissing these claims as "a matter of course" due to litigation timeout.
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