US judge rejects class action lawsuit filed by Libra and M3M3 cryptocurrency investors

On September 29th, Jennifer L. Rochon, a federal judge for the Southern District of New York, dismissed a class action lawsuit filed by investors against LIBRA and M3M3 meme coins. The defendants include Hayden Davis, Kelsier Labs, Meteora, and former Meteora CEO Benjamin Chow, and the case was closed on grounds of bias. The court held that the civil RICO claim did not meet the duration requirement, that Meteora, as an unincorporated group, was not adequately claimed, and that the fraud charges against Benjamin Chow did not meet the standard of legal intent. The ruling did not determine whether insider pumping occurred, and the criminal investigation in Argentina is still ongoing.