Class Action
Feb. 27, 2023
Skadden defeats putative class for Maker Foundation
The defense argued that the novel technology that underpinned DAI and the MakerDAO platform always came with inherent risks and the global fall of the crypto currency market on “Black Thursday,” as the parties have referred to it, that resulted in the complete liquidation of the plaintiffs accounts was “at the hands of third parties.”
A bicoastal litigation team from Skadden, Arps, Slate, Meagher & Flom LLP secured the dismissal of a putative class action against the subsidiary companies of The Maker Foundation, an organization that created the cryptocurrency DAI and its trading platform MakerDAO.
They had been accused of deceiving investors as to the safety of their cryptocurrency.
U.S. District Judge Maxine Chesney found on Wednesday th...
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