Description
Class action suit against Maker, alleging that they intentionally misrepresented the safety and security of investing in DAI, their collateral-backed stablecoin, leading to $8.3 million in losses on 'Black Thursday,' the COVID market crash.
Legal Significance
Intentionally misrepresenting the safety surrounding collateral mechanics for a stablecoin may lead to civil liability.
Status
Settled
Case No.
3:20-cv-02569
Date Filed
April 14, 2020
Plaintiff
Peter Johnson
Defendant
Maker Ecosystem Growth Holdings Inc.Maker Ecosystem Growth FoundationDAI Foundation
Court
USDC Northern District of California
Plaintiff Counsel
JurisLaw LLP
Defendant Counsel
Skadden Arps Slate Meagher & Flom LLPHogan Lovells US LLP
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