California Judge Dismisses Class Action Lawsuit Against Dfinity Foundation

BlockBeats News, March 27th, a federal judge in California dismissed a class action lawsuit against the Dfinity Foundation, the development company behind ICP. U.S. District Court Judge James Donato granted Dfinity's motion to dismiss, ruling that the case was "time-barred" due to exceeding the three-year statute of limitations under securities law.

The court supported Dfinity's argument that its initial public offering of ICP tokens was in February 2017, rendering the investor lawsuit filed in August 2021 outside the statutory time frame.

The plaintiffs, represented at the time by Freedman Normand Friedland LLP (formerly Roche Freedman), did not respond to the defendants' argument. Consequently, Judge Donato wrote that dismissing these claims as time-barred was "logical" (Decrypt).