With the class-action lawsuit against Tezos likely to soon end in a $25 million settlement for ICO participants
It is very likely that investors participating in the Tezos ICO (XTZ) between July 1, 2017, and July 13, 2017, will be eligible to receive a portion of the $ 25 million payment. This payment is proposed for an ongoing class-action lawsuit alleging securities violations.
Tezos ICO participants may be eligible for a share of the $ 25 million settlement
On August 27, the final settlement hearing of the lawsuit will be held to determine whether the settlement agreement and allocation plan will be approved as fair and reasonable. Furthermore, the hearing also discusses whether attorney fees will be awarded as part of the agreement.
Meanwhile, the company behind the lawsuit, Block & Leviton, is currently seeking to notify eligible investors that they may be eligible to receive part of the deal. And this settlement agreement will be organized by Tezos Foundation. The organization affirms that relocation is in the best interest of the project and the Tezos community. Because of this, the entire expense and time associated with continuing to fight the case.
Despite the proposed settlement, the Tezos Foundation denies any wrongdoing, arguing that the lawsuit was unfair.
The lawsuit was first filed by Block & Leviton in November 2017. Complaints claim that the Tezos Foundation illegally raised $ 232 million in Ether during an unregistered offering.
The April 30 hearing saw Judge Richard Seeborg of the United States grant preliminary approval for the resolution.
“The court will likely be able to approve the settlement, subject to further consideration at the Settlement Hearing.”
The settlement will also avoid risking its ICO Tezos being named a stock offering, which could be fined up to $ 150 million. Investors must arrive until August 6 to protest the settlement and until October 16 to file a claim.
To submit a complaint, invite ICO investors to visit www.TezosFoundationScharge.com.
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