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Judge Rochon Dismisses LIBRA, M3M3 Class Action With Prejudice
The ruling rejects a RICO claim tied to six months of memecoin launches and says plaintiffs did not plead Meteora as a suable entity.
Judge Jennifer Rochon dismissed with prejudice a class action targeting the LIBRA and M3M3 memecoin launches, narrowing the projects’ legal exposure.
The court ruled that six months of memecoin launches were insufficient to support a claim under the Racketeer Influenced and Corrupt Organizations Act, or RICO.
Rochon also found that the plaintiffs had not pleaded Meteora as an entity capable of being sued. The procedural finding removes Meteora from the case as structured.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.