US Court Dismisses Class Action Lawsuit Against LIBRA and M3M3 Issuers

The U.S. District Court for the Southern District of New York, presided over by Judge Jennifer L. Rochon, has dismissed a class action lawsuit filed against Hayden Davis, Kelsier Ventures, and former Meteora CEO Ben Chow regarding the issuance of LIBRA and M3M3 tokens. The court denied the plaintiffs' request to amend the complaint, ruling that they failed to establish Meteora as an actionable unincorporated association and did not meet the legal requirements for RICO claims. Additionally, fraud allegations against Ben Chow were dismissed for failing to meet the necessary burden of proof. The court clarified that this ruling is based solely on the legal sufficiency of the claims and does not constitute a factual determination regarding potential market manipulation or fraud in the issuance of LIBRA or M3M3.