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id: 261 ERC-20 Tokens and EOS $22 Million Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.
S.D. New York
Case number
26 Jun 2017
Class period Start
18 May 2020
Class period End
30 Aug 2023
Claim deadline settled $22 million with US-based purchasers of EOS or ERC-20 tokens to end claims over selling unregistered securities in the USA.

From June 26, 2017,, its Leaders, and Insiders promoted, offered and sold unregistered security called EOS or ERC-20 tokens throughout the United States, in violation of federal and state securities laws.
  • On September 30, 2019, the SEC found that had violated the Securities Act by selling EOS to the public. As a result of an SEC enforcement action, was required to pay a $24 million fine.
  • In April 2020 class action against 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 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 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.
Case Status
Accepting Late Claims
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Breach of Fiduciary duty
Suspected Party
Service Provider
Security Type
Crypto Asset
Trade Direction
Payout per Share
Filing date
03 April 2020
Crypto Assets Opportunity Fund
Bluhm Legal Cliniic (Chicago, IL), Grant & Eisenhofer, P.A. (New York, NY), Ievgeniia Vatrenko, Esq. (Brooklyn, NY)
Brendan Blumer, Daniel Larimer, Ian Grigg, Brock Pierce
Hon. Lewis A. Kaplan
Settlement agreement date
Court hearing date
19 September 2023
Exclusion deadline
29 August 2023
Objection deadline
29 August 2023
Hearing deadline
29 August 2023
Trades matching type
Cash Settlement Amount