727 FinanceOdaily Planet Daily News U.S. Federal Judge Jennifer L. Rochon dismissed the class action lawsuit against Libra project organizer Kelsier Ventures, decentralized financial platform Meteora and developer Benjamin Chow, and rejected the plaintiff's request to submit an amended complaint. The charges that were dismissed included fraud, violations of the Racketeer and Corrupt Organizations Act, violations of the New York State General Business Law and unjust enrichment.
The court held that the plaintiffs had failed to prove that Meteora constituted an unincorporated association or partnership that could be sued, nor that there was a continuous pattern of conduct by Kelsier Ventures sufficient to establish a racketeering case. The court also noted that Benjamin Chow’s provision of technical assistance prior to the token issuance and Meteora’s collection of transaction fees were insufficient to prove fraudulent intent.
Libra is a coin promoted by Argentine President Javier Milei on social media. Relevant estimates show that more than 44,000 investors were affected; Milei has since denied responsibility for investor losses. (Bitcoin.com News)