Lido Community Votes to Designate Entity to Respond to Pending Class Action Lawsuit Proposal Against Lido DAO
Odaily2024/07/11 09:06
By:Odaily
Odaily News According to the Snapshot governance page, the Lido community voted to approve the designated entity to respond to pending class action lawsuits against Lido DAO proposal. The proposal stated that a private plaintiff filed a class action lawsuit numbered 3:23-cv-06492 in the United States District Court for the Northern District of California, listing LIDO DAO, a general
partnership as the defendant. In the complaint, Lido DAO was accused of being a general partnership operating an
Ethereum staking business, and LDO tokens or LDO token transactions were accused of being securities or securities transactions, and Lido DAO was accused of offering or selling these securities to the public in violation of securities laws. On June 27, the court ruled that the plaintiffs act of serving legal documents to Lido DAO through various public releases was legal, and required Lido DAO to respond within 14 days, otherwise it would face a default judgment on the plaintiffs claim. Therefore, without acknowledging and expressly dissenting that the Lido DAO is a partnership, association, or other legally identifiable group or entity, this proposal proposes to appoint and fund the appointment of legal counsel (currently expected to be Brown Rudnick, led by partner Stephen Palley) by Dolphin CL, LLC, a Delaware limited liability company (Dolphin), in the amount of 200,000 DAI, which is expected to be sufficient to cover the services of Dolphin and its legal counsel to draft, file, and argue a motion in support of a motion to dismiss the claims involving the Lido DAO.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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