EOS-USD.CC
id: 261, Created by Mr Cryptoinspector, Scout
How it works?
- Company agreed to settle with investors to avoid further litigation
- We prepare documents and claim payout for you
Claim deadline for this case already passed by, but we can still try and file for compensation for you
S.D. New York
Court20-CV-02809
Case number26 Jun 2017
Class period Start04 Jun 2019
Class period End08 Nov 2021
Claim deadlineFrom June 26, 2017, Block.one, its Leaders and Insiders promoted, offered and sold unregistered security called “EOS” throughout the United States, in violation of federal and state securities laws.
- On September 30, 2019, the SEC found that Block.one had violated the Securities Act by selling EOS to the public. As a result of an SEC enforcement action, Block.one was required to pay a $24 million fine.
- In April 2020 class action against Block.one alleged that the company engaged in unregistered trading of securities, misleading of investors, and improperly funneling funds to its trading arm in Hong Kong.
- In June 2021, a proposed settlement of $27.5 million was agreed. The deal was intended to resolve investors’ allegations that Block.one sold unregistered securities in a 2017 offering.
- On August 15, 2022, U.S. District Judge Lewis Kaplan of Manhattan refused to grant final approval of the proposed $27.5 million settlement. The judge concluded that the investor class is inherently conflicted because some tokenholder purchases are covered by U.S. laws but others are not. Kaplan said that the lead plaintiff in the class action, Crypto Assets Opportunity Fund LLC, could not adequately represent the interests of investors whose transactions took place in the U.S. because the fund also engaged in foreign Block.one token transactions.
Taking into account that the settlement has already been agreed by parties, and the refusal of the final approval is a more bureaucratic and solvable issue, then the affected investors most likely have the opportunity to initiate a new Case and receive due compensation.
Alleged Offence
Mismanagement,
Misleading Statements,
Financial Misrepresentation,
Fraud,
Failure to Disclose,
Price manipulation,
Insider Trading,
Malpractice,
Negligence,
Breach of Fiduciary duty
Suspected Party
Directors,
Management,
Shareholder,
Influencer,
Government Authority,
Service Provider
Security Type
Crypto Asset
Trade Direction
Long
Attorneys
Grant & Eisenhofer
Defendants
Brendan Blumer, Daniel Larimer, Ian Grigg, and Brock Pierce
Judge
Hon. Lewis A. Kaplan
+$22,000,000
Total Settlement Amount