Law Firms Battle Over $8M Tezos Lawsuit Settlement Fee
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Law Firms Battle Over $8M Tezos Lawsuit Settlement Fee

October 13, 2020      Jafrin Ahmed

$8.3 million awarded in attorney’s fees from Tezos settlement turns into a battle of lawsuits, according to lawyers from Block & Leviton LLP (B&L) and Hagens Berman Sobol Shapiro LLP.

Battling Over Rightful Attorney Fee in Tezos Lawsuit

In September, Tezos agreed to a $25 cash million settlement over claims that the blockchain firm distributed unregistered securities through its initial coin offering (ICO) of 2017.

On October 7, both the law firms took to U.S. District Judge Richard Seeborg to deny a motion for counsel fees filed in September by Hung G. Ta Esq. PLLC (HGT), LTL Attorneys LLP, the Restis Law Firm PC, and Lite DePalma Greenberg LLC.

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The motion seeks an order compelling Block & Leviton to return funds that it had “unilaterally” distributed to itself and other firms while characterizing on B&L’s actions as “brazen misconduct.”

According to Hagens Berman Sobol Shapiro LLP, Block & Leviton LLP (B&L) distribution would allocate 25% of the total fees to itself, and 50% to Robbins Geller, a firm that was involved with the case, however not recorded in the matter.

Attorneys representing the B&L describes HGT’s motion as being: “devoted to unseemly mudslinging, inaccurate accusations of deceit, and unfounded claims of violations of the rules of professional conduct.”

B&L even claimed that HGT had been aware of fee distribution since December 2019:

“HGT never proposed a different fee allocation until after fees were awarded and sat on its hands until B&L sought to distribute the money. None of these reckless charges survive scrutiny.”

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B&L Willing to Resolve, If HGT Withdraws Motion

However, B&L has also professed that they are willing to resolve the matter through any kind of informal discussions or formal dispute resolution mechanisms if HGT withdraw their motion.

Block & Leviton has been long involved in litigations in the matters of digital currencies.

In February 2018, B&L launched a class action lawsuit against Riot Blockchain for allegedly violating federal securities laws. In February 2020, the firm investigated mining equipment manufacturer Canaan Inc. for a similar kind of violation.

#Attorney’s fees #B&L #Block & Leviton LLP #Hagens Berman Sobol Shapiro LLP #HGT #ICO 2017 #Tezos #Tezos Settlement
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.