Block.one Inks Deal To End Securities Suit For $27.5M

By Elise Hansen (June 14, 2021, 5:52 PM EDT) -- Cryptocurrency company Block.one has inked a $27.5 million settlement to resolve token buyers' allegations that its $4 billion initial coin offering violated securities law, according to documents filed in New York federal court.

Block.one and lead plaintiff Crypto Assets Opportunity Fund LLC sought court approval for the deal on Friday. Crypto Assets Opportunity Fund, or CAOF, and a proposed class of token buyers said the deal balances the seriousness of the allegations and the challenges of litigating them.

"The proposed settlement … represents a significant recovery for the class — a result that is even more impressive in light of the...

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