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Tezos logo Tezos. Photo: Courtesy Photo

A federal judge has given preliminary sign-off to what appears to be a first-of-its-kind class action settlement involving an initial coin offering.

U.S. District Judge Richard Seeborg of the Northern District of California indicated during a hearing Thursday afternoon that he was granting preliminary approval to a $25 million proposed deal that the Tezos Foundation reached last month to settle claims brought on behalf of investors who claimed that the initial coin offering on the Tezos blockchain violated U.S. securities laws. Seeborg said during the hearing held via a Zoom videoconference that the settlement met the general parameters of “fair, reasonable and adequate” to move forward toward final approval.

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Ross Todd

Ross Todd is the Editor/columnist for the Am Law Litigation Daily. He writes about litigation of all sorts. Previously, Ross was the Bureau Chief of The Recorder, ALM's California affiliate. Contact Ross at [email protected] On Twitter: @Ross_Todd.

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