Crypto Developers Seek $701K Sanctions For 'Baseless' Suit

By Elise Hansen (July 28, 2021, 9:45 PM EDT) -- The developers of cryptocurrency Nano sought over $701,000 in attorney fees and costs as a sanction after a token buyer dropped his proposed class action, telling a California federal court that some of the claims lobbed against them had been "legally baseless."

The developers said Tuesday that Alec Otto's class action claims were clearly filed too late; that at least one filing contained allegations unsupported by evidence; and that he "advanc[ed] a series of absurd and/or clearly legally meritless arguments," among other alleged issues.

"Sanctions against Mr. Otto and his counsel are appropriate, and — indeed — required" under securities law,...

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