EOS class-action lawsuit with Crypto Assets Opportunity Fund settled by Block.one for $27.5 million
In the year-long ICO that spanned between June 2017 and June 2018, Block.one raised about $4 billion. Additionally, it has become one of the largest ICOs for blockchain development. The project’s token sale was marred by controversy as the project faced multiple class-action lawsuits alleging it sold unregistered securities and artificially inflated token prices. Last year, a US court combined all class-action lawsuits against Block.one, making Crypto Assets Opportunity Fund the lead plaintiff.
In addition, the blockchain company faced the wrath of the US securities market regulator as it was investigated for its token being a potential unregistered security. Those charges were settled last year against a fine of $24 million. In the latest settlement between Block.one and the plaintiff, the parties aimed to ‘avoid the distraction, costs, and risks of further litigation. In spite of this, the two parties are still reportedly at odds over the extent of liability and damages.
The company behind the EOS token announced last week that it has settled a class-action lawsuit involving its initial coin offering (ICO) by paying $27.5 million. Crypto Assets Opportunity Fund filed a lawsuit against the Blockchain company. “Block.one believes this lawsuit was without merit and filled with numerous inaccuracies. However, accepting this settlement allows us to focus more time and energy on running our business and delivering new products,” Block.one said in its official statement. Both parties are now awaiting approval from the court to begin payments for the settlement.
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