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NY Judge Rejects $27.5M Block.one Deal Over Class Rep

By Lauren Berg (August 15, 2022, 10:19 PM EDT) — A New York federal judge on Monday refused to give his final blessing to a $27.5 million securities settlement over a cryptocurrency company’s $4 billion initial coin offering nor did he approve a $5.5 million attorney fees request, questioning the lead plaintiff’s ability to represent the class.

U.S. District Judge Lewis A. Kaplan concluded in a 25-page order that there are too many questions regarding the proportion of lead plaintiff Crypto Assets Opportunity Fund LLC’s purchase of Block.one’s domestic crypto tokens — which are covered by securities laws and eligible for a damages award — compared to the domestic purchases by absent…

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