US Judge Dismisses LIBRA Lawsuit, Citing Plaintiffs' Legal Failures

A US judge has dismissed a lawsuit against Hayden Davis and others over the launch of the LIBRA token and M3M3. The dismissal is based on the plaintiffs' failure to meet specific legal requirements. Judge Jennifer Rochon's findings were filed on Tuesday, denying the plaintiffs' leave to file a second amended complaint. Instead, she granted three motions filed by the defendants, which argued that Burwick Law couldn't prove Meteora was a suable entity, and that Chow was not fraudulent in his activities.

The lawsuit accused the defendants of a coordinated insider trading scheme, which led to over $250 million in investor losses. However, the judge claimed that Hayden Davis and other defendants had committed to documenting all of their transactions for traceability, and that Burwick Law hadn't proved that there was 'irreparable harm' to the plaintiffs.

Ariel Giver, founder of crypto law firm Burwick Law, noted that the dismissal shouldn't be interpreted as 'memecoins are legal.' He stated that the plaintiffs 'sued the wrong thing, under the wrong statute, with the wrong facts.'