Tron Wants 'Fatally Flawed' Securities Suit Tossed

Law360 (December 16, 2020, 4:32 PM EST) -- China-based blockchain software developer Tron Foundation urged a New York federal judge to toss a "fatally flawed" lawsuit that claims it misled investors and illegally sold them unregistered tokens in a 2017 initial coin offering, saying the case has "no connection" to New York.

Tron and founder Justin Sun asked U.S. District Judge Vernon S. Broderick to dismiss the April complaint in part because lead plaintiffs Corey Hardin, David Muhammad and Chase Williams brought the suit two years after the initial coin offering at the center of the suit, which alleges Tron's TRX tokens are an unregistered security and the company...

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