A group of investors behind a class action lawsuit against Terraform Labs and its co-founder make kwon due to fraud accusations they have dropped the case.
In a Sept. 28 filing in the U.S. District Court for the Northern District of California, attorneys representing plaintiff Nick Patterson, who filed the lawsuit on behalf of the investors, archived a notice of voluntary dismissal only against Terraform and Kwon. The notice did not explicitly state the reasons for dismissing the case without prejudice.
"He [Terraform Labs] The defendants have not responded to the lawsuit. [...] nor did he file motions for summary judgment,โ the filing says. โBecause the Court has not certified the proposed class for any purpose in this case and this dismissal is without prejudice, it will not bind the members of the proposed class.โ
1/ In another victory for Terraform Labs, the class action lawsuit alleging fraud against TFL and @stablekwon has been voluntarily dismissed in the United States District Court for the Northern District of California.https://t.co/oYfkblOf0H
โ Terra Powered by LUNA (@terra_money) September 30, 2023
Related: Do Kwon says SEC's extradition request is impossible
Patterson's Legal Team filed the lawsuit in June 2022 following the collapse of Terraform Labs, which many attributed to the start of a major crypto market crash. Since then, Kwon and the company have been targeted by many authorities worldwide for their role in an alleged scheme aimed at defrauding investors.
In February, the US Securities and Exchange Commission filed a civil lawsuit against Kwon and Terra for allegedly โorchestrating a multimillion-dollar crypto securities fraud.โ Montenegrin authorities arrested Kwon in March and subsequently sentenced him to 4 months in prison for using false travel documents. At the time of publication, it was unclear whether he will be released in Montenegro or face extradition to the United States or South Korea.
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