In a significant development, the recent class action lawsuit filed against Terra (LUNA) in the United States has been voluntarily withdrawn by the plaintiffs. This is the second case to be withdrawn, indicating a positive trend for the company.
Terraform Labs CEO Chris Amani expressed his relief and determination on the issue in his statement. “The last class action lawsuit filed against Terra in the US was withdrawn by the plaintiffs, bringing the count to two. As long as these baseless legal claims continue to fail, we will continue to fight,” he said.
Coming to the details of the case, first by Nick Patterson individually and then on behalf of all others similarly situated to Terraform Labs, Jump Crypto, Jump Trading, Tribe Capital, Definance Capital/Definance Technologies, Three Arrows Capital, Nicholas Platias and Do Kwon. A countersuit was filed.
However, lead plaintiff Michael Tobias and plaintiff Nick Patterson have completely voluntarily withdrawn the lawsuit against defendants Terraform Labs and Do Kwon, according to a notice filed with the court and all parties involved.
The notice further clarified that neither the plaintiffs nor their attorneys have received or will receive any compensation for this retraction.
*This is not investment advice.