US Court Dismisses Class Action Over Argentina President-Promoted Meme Coin LIBRA
Summary
- A US court in the Southern District of New York dismissed a class action lawsuit in the US tied to LIBRA, the meme coin promoted by Argentina's president.
- The court dismissed claims against Kelsier Ventures, including fraud and violations of the Racketeer Influenced and Corrupt Organizations Act (RICO), and also denied the plaintiffs' request to file an amended complaint.
- LIBRA's price plunged after the token's launch, and more than 44,000 investors are estimated to have suffered losses.
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A US class action lawsuit tied to LIBRA, the token promoted by Argentine President Javier Milei, has been dismissed.
Judge Jennifer Rochon of the US District Court for the Southern District of New York dismissed the suit against Kelsier Ventures, an organizer of the LIBRA project, and decentralized finance platform Meteora, Bitcoin.com reported on October 2. She also denied the plaintiffs' request to file an amended complaint.
The court threw out claims against Kelsier Ventures, including fraud and alleged violations of the Racketeer Influenced and Corrupt Organizations Act, or RICO. It found that conduct related to LIBRA over about six months was insufficient to establish the continuity of criminal activity needed to apply the law.
The court also found that Meteora was software rather than an unregistered association or partnership and therefore could not be sued. Claims against Meteora developer Benjamin Chow were also dismissed, along with allegations of conspiracy to commit fraud and unjust enrichment.
LIBRA is a meme coin that drew broad attention after Milei promoted it on X, formerly Twitter, last year. Its price later plunged after the token was launched. More than 44,000 investors are estimated to have suffered losses in the process.
Uk Jin
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