Investors Sue Caitlyn Jenner Over $Jenner Token Securities Fraud

A group of disgruntled investors are lodging a class-action lawsuit against Caitlyn Jenner, accusing her of selling a the "JENNER" token as an unregistered security.

Filed on November 13 in a California federal court by Naeem Azad and Mihai Caluseru, residents of the United Kingdom and Romania, respectively, the complaint alleges that Jenner and her manager Sophia Hutchins “fraudulently solicited financially unsophisticated investors in the United States and internationally” to buy the unregistered token.

Allegations of fraud and misirepresentation

Jenner launched $JENNER on the Solana blockchain in May, announcing on Twitter that "It's not a scam" and that she was "all in."

Azad and Caluseru claim they lost over $56,000 investing in JENNER on Ethereum and Solana, losses they attribute to “false and misleading statements and omissions made by Jenner.”

The lawsuit asserts that Jenner “willfully failed” to register the JENNER token with the Securities and Exchange Commission, denying buyers access to crucial information that would have allowed them to assess investment risks. This information, they argue, would have been provided if the token had been registered.

Initially launched on Solana in May through memecoin platform Pump.fun, the "JENNER" token quickly became embroiled in controversy after Jenner and other celebrities accused collaborator Sahil Arora of “scamming” them. Jenner later relaunched the token on Ethereum, but its value has since collapsed.

On November 13, JENNER reached an all-time low, with its total market value dropping from nearly $7.5 million to just $170,000.

Fueling the Token and abandoning ship after it crashed

The complaint claims Jenner has “all but abandoned the project” and stopped promoting it, leaving holders to bear the brunt of significant losses.

Investors are also accusing Jenner of touting the price of the token and setting a target for the token's market cap, leading to speculative interest before Arora allegedly sold a large portion of his holdings, triggering a crash.

The suit alleges that Jenner had an obligation to warn investors about this risk but chose not to, benefiting financially as a result.

Undisclosed transaction tax

Following JENNER’s relaunch on Ethereum, Azad and Caluseru argue the value of the original Solana token was further damaged. They also claim Jenner imposed an undisclosed 3% “tax” on each transaction, which allegedly benefited her financially but was never transparently communicated.

The lawsuit alleges multiple violations of securities laws, including claims that Jenner used profits from JENNER to pay for exchange listings and promised token buybacks—promises the plaintiffs say went unfulfilled, contributing to further financial damage.

Additionally, the suit accuses Jenner of withholding key details, including her and other insiders’ holdings in JENNER, which the plaintiffs claim they acquired “earlier and cheaper than the general public.”

The suit is also demanding Jenner to reveal her financial relationship with Arora.

Lack of comment from Jenner

Azad and Caluseru are pursuing claims of securities and common law fraud against Jenner and are charging Hutchins with securities law violations and aiding and abetting fraud.

At the time of reporting, neither Jenner nor Hutchins has publicly responded to the lawsuit, and information regarding Jenner's legal representation remains unavailable.