U.S. court dismisses class action over LIBRA and M3M3 tokens

A U.S. District Court for the Southern District of New York has dismissed a class action lawsuit filed against Hayden Davis, Kelsier Ventures, and former Meteora CEO Ben Chow over the issuance of the LIBRA memecoin and the M3M3 token tied to Argentine President Javier Milei. The court found that the plaintiffs failed to sufficiently establish Meteora as a legally liable party and that the defendants’ alleged violations of the Racketeer Influenced and Corrupt Organizations Act did not meet key requirements, including a pattern of ongoing criminal activity.