The Tezos Foundation has just announced it has decided to settle all class action lawsuits against it.
If the proposal is eventually approved by the courts, it could put an end to the many lawsuits filed against the foundation in relation to the ICO in which it raised $232M.
According to the foundation:
"The Tezos Foundation chose to settle all claims because the Tezos Foundation believes it is in the best interest of the Tezos project and community as a whole. The Foundation continues to believe the lawsuits were meritless and continues to deny any wrongdoing. However, lawsuits are expensive and time-consuming, and it was decided that the one-time financial cost of a settlement was preferable to the distractions and legal costs associated with continuing to fight in the courts."
All these class action lawsuits have been filed against the foundation after the ICO it held back in July 2018. The token sale, which is considered one of the largest in history, received a large number of lawsuits accusing it of being an unregistered securities sale.
However, the foundation has never accepted the charges, claiming it was not an unregistered securities sale but a fundraising in which donors received tokens in exchange for their donations.
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