California judge dismisses class action lawsuit against the Dfinity Foundation

ChainCatcher news, a federal judge in California dismissed the class action lawsuit against the Dfinity Foundation, the developer of ICP. U.S. District Court Judge James Donato granted Dfinity’s motion to dismiss, ruling that the case was “time-barred” due to exceeding the three-year statute of limitations under the Securities Exchange Act. The court supported Dfinity’s argument that its initial public offering of ICP tokens was in February 2017, thus the investor lawsuit from August 2021 has exceeded the statutory timeframe. At that time, the plaintiffs represented by Freedman Normand Friedland LLP (formerly Roche Freedman) did not respond to the defendants’ arguments. Therefore, Judge Donato wrote that it was “inevitable” to dismiss these claims due to the statute of limitations.