The class action lawsuit against Tezos (XTZ)for three years It ended Friday after Judge Seeborg approved Tezos’ $ 25 million settlement.
After the sentence The funds will be distributed among “all persons and organizations” who participated in the first Tezos coin offer from July 1st to 13th, 2017 and that they sold their XTZ for a loss before November 25, 2019, that they did not sell their tokens before November 25, or that they cannot access their XTZ due to the loss of their passwords.
Those who qualify have to submit a request to receive part of the settlement before October 16, 2020.
The plaintiffs’ attorneys also received fees equal to one third of the settlement funds.plus approximately $ 203,000 in legal fees that defendants are required to pay separately.
The agreement too Exceptions are the defendants in the case, the founding family of Tezos and the people who held positions with the Tezos Foundation or with a company that had a “majority stake” in the offer.
The agreement also provides that the plaintiffs waive the right to assert future claims against Tezos and the other defendants.
Judge Seeborg described the agreement as “fair, reasonable and appropriate”noting that the case included “an innovative legal battle” perhaps bringing up new topics for the first time.
The case began in December 2017 when a group of private claimants sued the founders of Tezos. Kathleen and Arthur Breitmantogether with the Tezos Foundation, Allegation that the project’s ICO included an offering of unlicensed securities.