Judge Dismisses LIBRA and M3M3 Memecoin Lawsuit With Prejudice

A New York federal judge has dismissed the class action lawsuit against Hayden Davis, Kelsier Labs, Benjamin Chow, and Meteora over the LIBRA and M3M3 memecoin launches.

The case had been ongoing for several months, with the plaintiffs attempting to amend their complaint multiple times. However, U.S. District Judge Jennifer L. Rochon granted the defendants' dismissal motions on September 29, citing a lack of personal jurisdiction in New York and insufficient evidence to support the civil RICO claims.

The lawsuit had previously produced a temporary freeze on $57.65 million in USDC tied to LIBRA proceeds. However, this restraint was later dissolved when Rochon denied the request for a preliminary injunction.

The plaintiffs' claims against Chow also failed under the federal pleading standard, with allegations surrounding his involvement in M3M3 failing to sufficiently establish fraudulent intent.