Tezos Community Petition Seeks To End Class Action Lawsuit

Tezos Community Petition Seeks To End Class Action Lawsuit

The Tezos class action lawsuit, initiated in November of last year, has taken on a new twist. Holders of the Tezos token have started a petition to end the court action that has stalled the governance-based blockchain project since its record-breaking ICO last year.

Initiated by a group calling itself Tezos Community Organisers, the Stop The Class Action Lawsuits Against Tezos petition will be filed with a San Francisco court once the required 3,000 signatures have been obtained.

Stand-off

Currently six plaintiffs have taken court action against Tezos claiming they are speaking on behalf of other holders and seek compensation for their original contributions along with the opportunity costs associated with their investments.

If this new petition is successful, it will seriously undermine the assumption that a significant number of investors are seen to agree with the claim.

The petition, which contains eleven key points, explains that the signatories “…do not feel the plaintiffs have been sufficiently harmed to warrant a class action against the program, which further delays and encumbers it by creating large legal difficulties which becomes self-fulfilling and induced by the very plaintiffs themselves who complain of delay.”

It goes on to state that “We denounce the plaintiffs as having done more harm to Tezos than the delays inherent in software and network development, and we shall hold them accountable and liable for this harm when the matter comes to settlement.”

In a further development last week, Bitcoin Suisse AF, a crypto-asset brokerage, also filed a twenty-three page motion with the US District Court of Northern California seeking to dismiss itself from the Tezos class action lawsuit it had been incorrectly named in.