California Judge Dismisses Class Action Against Dfinity Foundation

According to Odaily, a federal judge in California has dismissed a class action lawsuit against the Dfinity Foundation, the developer of ICP tokens. U.S. District Court 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 securities law. The court supported Dfinity's argument that the initial public offering of ICP tokens occurred in February 2017, making the investor lawsuit filed in August 2021 beyond the legal timeframe. The plaintiffs, represented by Freedman Normand Friedland LLP, formerly known as Roche Freedman, did not respond to the defendant's argument. Consequently, Judge Donato stated that dismissing these claims due to the expiration of the statute of limitations was "appropriate."