In a recent development reported by Odaily, a class action lawsuit against the Dfinity Foundation, the creator of ICP tokens, has been dismissed by a federal judge in California. The U.S. District Court Judge James Donato approved Dfinity’s request for dismissal, citing that the lawsuit was invalid due to surpassing the three-year statute of limitations set by securities law.
Details of the Dismissal
The court upheld Dfinity’s stance that the issuance of ICP tokens took place in February 2017, rendering the investor lawsuit filed in August 2021 as untimely. The plaintiffs, represented by Freedman Normand Friedland LLP (formerly Roche Freedman), chose not to counter the defendant’s claim. Consequently, Judge Donato deemed the dismissal based on the statute of limitations expiration as fitting.
Implications of the Ruling
This ruling signifies a significant legal victory for the Dfinity Foundation, highlighting the importance of adhering to legal time constraints in filing lawsuits related to securities law violations.
What Lies Ahead?
With this lawsuit now dismissed, it remains to be seen how this outcome will impact future legal actions involving Dfinity and ICP tokens.