Settlement Overview
The long and winding road of the Tezos class action lawsuit has officially hit a major milestone, concluding with Judge Seeborg’s approval of a $25 million settlement. This settlement is aimed at individuals who participated in Tezos’ initial coin offering (ICO) back in the summer of 2017. If you were involved, you might just find some coins falling your way!
Who’s Eligible?
If you participated in the ICO between July 1 and July 13, 2017, and subsequently sold your XTZ at a loss before November 25, 2019 – or were unable to access your XTZ due to lost passwords – congratulations, you might be eligible for a payout! Just remember to file a claim before the deadline of October 16, 2020. Yes, mark your calendars! 📅
Chop Chop: The Attorney Fees Slice
Here’s a twist for you – while those who lost money during the tumultuous crypto years may start celebrating a financial boost, think about the ones who did all the heavy lifting: the lawyers. They’ll be happily pocketing a generous third of the settlement funds, plus extra for their litigation expenses. That’s right, over $203,000 will be charged to Tezos separately. Because justice doesn’t come cheap!
No Future Claims Allowed
Part of this agreement comes with strings attached. The plaintiffs have agreed to relinquish their right to make any future claims against Tezos and its defendants. So, while you might see a nice payout now, don’t expect to return for an encore seeking additional compensation down the line!
Judge’s Words of Wisdom
Judge Seeborg didn’t hold back on his appreciation of the settlement. He referred to it as “fair, reasonable, and adequate,” acknowledging the complex legal issues involved in this groundbreaking case. Who knew crypto law could be so spicy?
A Brief Recap of the Lawsuit Origin
For those looking to catch up, this case began in December 2017. It revolved around allegations that Tezos’ ICO was essentially an unlicensed securities offering. Enter stage left: the founders, Kathleen and Arthur Breitman, along with the Tezos Foundation – talk about a drama unfolding! But here we are, three years later, with a resolution in sight.
