The US court finally <a href="https://www.courtlistener.com/docket/6230817/in-re-tezos-securities-litigation/?page=2" target="_blank" rel="noopener">concluded</a> the three-year-long class-action lawsuit against the open-source platform for assets Tezos by approving its $25 million settlement.

On August 28, while announcing its decision, Judge Seeborg declared that all those people and entities who have participated in the initial coin offerings projects in the year 2017, would get their respective funds from the Swiss-based foundation. 
<h2>Family Members Of Tezos Founders Not Eligible For Settlement</h2>
The judge in its announcement further mentioned that neither the Tezos founders’ family members nor the people who work in the company at a certain position would receive funds.

As the court’s declaration, parties who are eligible for the funds should file a claim before October 16. 

It is to be noted that as per the court’s order the defendants would also have to pay around $203,000 separately for the attorney’s fees of the plaintiffs. 

According to the report, as the court has announced to settle the plaintiffs case against Tezos, so now they would not be able to make any further claims against the open-source platform or any other defendants.
<h2>Tezo Sold Unregistered ICOs</h2>
In the year 2017, Tezos raised $232 million through ICO for its proof-of-stake blockchain, but later, many of the investors retaliated to this project and filed two lawsuits against the company. 

The investors in their complaint claimed that the securities offered by Tezos were not registered, still, the company sold them. The investors further stated that by doing so the company has violated the securities laws of the US.

A few months ago, the blockchain company already verified that it would settle the case with the investors but at that time, it did not provide any details. 

According to Judge Seeborg, this case against Tezos was fair, reasonable and adequate. He further mentioned, “The case comprised ‘cutting edge litigation’ that addressed novel issues for perhaps the first time.”

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Tezos Three-Year-Long Class-Action Lawsuit Settles For $25 Million

The US court finally concluded the three-year-long class-action lawsuit against Tezos by approving its $25 million settlement.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Tezos Three-Year-Long Class-Action Lawsuit Settles For $25 Million

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