3 year class action lawsuit aiming Tezos ends after $25 million settlement. The three-year class action lawsuit targeting Tezos (XTZ) came to a close after Judge Seeborg approved the settlement of Tezos’ $25 million on Friday.
According to the judgment, the funds will be distributed to “all persons and entities” who participated in Tezos’ 2017 initial coin offering from 1 to 13 July and sold their XTZ for a loss before 25 November 2019, did not sell their tokens before 25 November, or are unable to access their XTZ due to lost passwords.
The plaintiffs’ counsel was also awarded attorneys’ fees equal to a third of the settlement funds, plus roughly $203,000 worth of litigation expenses that the defendants must pay separately.
The settlement also excludes the case’s defendants, Tezos’ founding family and individuals who held a position with the Tezos Foundation or a firm that had a “controlling interest” in the offering.
The settlement also saw the plaintiffs surrender their right to make future claims against Tezos and the other defendants.
Judge Seeborg described the agreement as “fair, reasonable, and adequate,” noting that the case comprised “cutting edge litigation” that addressed novel issues for perhaps the first time.
[image: Sharon McCutcheon]