$25 Million Tezos ICO Litigation Settlement Achieves Final Approval, Block & Leviton Announces


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BOSTON, Oct. 15, 2020 (GLOBE NEWSWIRE) — On August 27, 2020, the United States District Court for the Northern District of California issued an order finally approving a $25 million settlement in a class action against certain Defendants affiliated with a July 2017 initial coin offering of the Tezos cryptocurrency. The pioneering lawsuit was one of the first to assert that a cryptocurrency issuer had violated federal securities laws by failing to register an ICO. The lawsuit was initiated after fears that the Tezos network would never launch; the Tezos network did formally launch in September 2018.

Block & Leviton represented the sole Lead Plaintiff Trigon Trading Pty. Ltd. (“Trigon”). Matteo Salerno, founder of Trigon stated: “As a member of the class, Trigon’s aim in joining the proceedings early on was to ensure certainty for the Tezos project and for the larger cryptocurrency community. Once appointed lead plaintiff, Trigon aimed to conduct its role in a measured, fair, and balanced manner. The outcome here is one that provides a reasonable resolution for all parties, and a degree of closure for the Tezos community.”

“We were pleased to represent Trigon and the class in this case as co-Lead counsel and are proud that we were able to obtain such an excellent result for ICO participants,” said Jacob Walker of Block & Leviton. “This was a hard-fought litigation centered around applying old laws to a very new technology. We are glad to have been able to use our experience with the securities laws in this very new kind of case. It is important that investors are protected by the law, even with investments based in new and groundbreaking technologies.”

Individuals who participated in the ICO and either sold their Tezos tokens at a loss, or continue to hold their Tezos tokens, along with individuals who participated but were never able to claim their tokens, can file a claim to participate in the settlement and obtain their share of the settlement fund until tomorrow, Friday, October 16, 2020. Claims can be made online at www.TezosFoundationSettlement.com.

This is a notice from Block & Leviton LLP and may be considered attorney advertising.


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