Judge Wants More Info Before OK'ing $27.5M Block.one Deal
By Dean Seal (November 3, 2021, 11:11 PM EDT) -- A New York federal judge said he won't approve a proposed $27.5 million securities settlement over a cryptocurrency company's $4 billion initial coin offering until the lead plaintiff explains what work its attorneys performed and how the settlement will be administered.
U.S. District Judge Lewis A. Kaplan issued an order Wednesday asking lead plaintiff Crypto Assets Opportunity Fund LLC to answer a dozen questions about its deal with Block.one resolving claims that the crypto company violated securities law with its $4 billion ICO for so-called EOS tokens, its proprietary digital asset.
The proposed settlement would form a settlement class of EOS...
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