California judge dismisses class action lawsuit against Dfinity Foundation

ChainCatcher news, a federal judge in California dismissed a class action lawsuit against the Dfinity Foundation, the developer of ICP. U.S. District Judge James Donato granted Dfinity's motion to dismiss, ruling that the case was "time-barred" due to exceeding the three-year statute of limitations under the Securities Exchange Act.

The court supported Dfinity's argument that it first offered ICP tokens to the public in February 2017, thus the investor lawsuit from August 2021 was beyond the statutory timeframe.

The plaintiffs, represented at the time by Freedman Normand Friedland LLP (formerly Roche Freedman), did not respond to the defendants' arguments. Therefore, Judge Donato wrote that dismissing these claims due to the statute of limitations was "obvious."