Eleven cryptocurrency issuers and exchanges including Tron, Block.one, and Binance were hit with class action lawsuits over their initial coin offerings last week.
The cases were filed on April 3, the last day possible under the statute of limitations. That was a year to the day after the U.S. Securities and Exchange Commission issued its long-awaited “plain English” guidance on what makes an ICO a securities sale.
Ominously, they were filed by a group of lawyers led by Philippe Selendy, who the Financial Times called “The man who took on Wall Street” after he forced 16 major banks including Citigroup, Goldman Sachs, and JPMorgan Chase to pay $25 billion for their part in the subprime mortgage crisis that sparked the Great Recession of 2007.
‘Enforcement 40’ for 2020
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