US Court Dismisses LIBRA and M3M3 Class Action Lawsuit, Plaintiffs Fail to Meet Legal Requirements

A federal judge in the Southern District of New York, Jennifer L. Rochon, dismissed a class action lawsuit against Hayden Davis, Kelsier Ventures, and former CEO of Meteora, Ben Chow, related to the issuance of LIBRA and M3M3 tokens, and denied the plaintiffs' request to amend the complaint again. The court found that the plaintiffs failed to sufficiently prove that Meteora constituted a suable unincorporated organization, and that the allegations under the Racketeer Influenced and Corrupt Organizations Act (RICO) against the relevant defendants did not meet the legal requirements for ongoing criminal activity. Furthermore, the fraud allegations against Ben Chow also did not meet the required evidentiary standards. This ruling was based solely on whether the plaintiffs' claims and legal requirements were valid, and did not make any factual determinations regarding whether there were actual instances of market manipulation or fraud in the issuance process of LIBRA or M3M3.

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