U.S. Judge Dismisses Libra Class Action Against Kelsier Ventures and Meteora

Odaily News: U.S. federal judge Jennifer L. Rochon has dismissed a class action lawsuit against Libra project organizers Kelsier Ventures, decentralized finance platform Meteora, and developer Benjamin Chow, and denied the plaintiffs' request to file an amended complaint. The dismissed claims included fraud, violation of the Racketeer Influenced and Corrupt Organizations Act (RICO), violation of New York General Business Law, and unjust enrichment.

The court found that the plaintiffs failed to demonstrate that Meteora constituted a suable unincorporated association or partnership, and also failed to demonstrate that Kelsier Ventures engaged in a pattern of continuous conduct sufficient to establish a racketeering case. The court further noted that Benjamin Chow providing technical assistance before the token launch, as well as Meteora collecting transaction fees, were both insufficient to prove fraudulent intent.

Libra is a token that Argentine President Javier Milei once promoted on social media. Related estimates show that more than 44,000 investors were affected; Milei has since denied responsibility for investor losses. (Bitcoin.com News)