California judge dismisses class action lawsuit against Dfinity Foundation

On March 27th, a federal judge in California dismissed the 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 under the securities laws' three-year statute of limitations.

The court sided with Dfinity's argument that its initial offering of ICP tokens to the public was in February 2017, making the investor lawsuit filed in August 2021 beyond the statutory time frame. The plaintiffs, represented at the time by Freedman Normand Friedland LLP (formerly Roche Freedman), did not respond to the defendant's arguments. Therefore, Judge Donato wrote that dismissing these claims as time-barred was "appropriate."