A New York federal judge dismissed a class action lawsuit against Meteora, former CEO Benjamin Chow, and Kelsier Ventures over fraud and racketeering claims tied to the LIBRA and M3M3 memecoin launches. The court found plaintiffs failed to establish Meteora as a legal entity capable of being sued, that Chow's actions did not demonstrate fraudulent intent, and that the alleged activity did not constitute a pattern of racketeering under RICO.
A U.S. District Judge dismissed a class action lawsuit against LIBRA and M3M3 tokens, ruling with prejudice that the RICO charges lacked sufficient evidence. The judge found the plaintiffs' claims based on a six-month meme coin issuance inadequate and noted that Meteora was not named as a defendant.