On Thursday, October 1, 2026, TokenPost reported that a federal judge in New York has thrown out a consolidated class action tied to the LIBRA and M3M3 cryptocurrency token launches, closing the case without ruling on whether either launch involved market manipulation or fraud.
Judge Jennifer L. Rochon of the U.S. District Court for the Southern District of New York dismissed the suit and also rejected the plaintiffs’ bid to submit another amended complaint. The defendants named in the case were Hayden Davis, Kelsier Ventures and Ben Chow, the former chief executive of Meteora.
In her decision, Rochon concluded that the plaintiffs had not sufficiently established that Meteora could be treated as an unincorporated association, a status needed for it to be sued as an entity. The court further held that the plaintiffs’ claims under the Racketeer Influenced and Corrupt Organizations Act, known as RICO, did not satisfy the legal requirement of showing a continuing pattern of criminal activity.
The fraud allegations against Chow were dismissed on separate grounds, as they did not meet the heightened pleading standard that applies to such claims.
According to the report, the ruling turned on whether the plaintiffs’ allegations and legal theories were adequate to move forward. The court did not make any factual findings about the conduct alleged in connection with the token launches.
LIBRA and M3M3 are cryptocurrency tokens whose launches were the subject of the consolidated class action.
Source: TokenPost
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