News & Analysis as of

Class Action Howey Non-Fungible Tokens (NFTs)

A class action is a type of legal action where a representative individual or group of individuals can bring a claim on behalf of a larger group or class who share a common legal interest.
ArentFox Schiff

NY Class Action Filed Against Nike Over Alleged NFT ‘Rug Pull’ and Unregistered Securities

ArentFox Schiff on

On April 25, purchasers of Nike non-fungible tokens (NFTs) filed a class action complaint in the US District Court for the Eastern District of New York against the sportswear giant alleging that the December 2024 shutdown of...more

Patterson Belknap Webb & Tyler LLP

DraftKings NFT Settlement Leaves Securities Question in Limbo

A class action lawsuit brought against online gaming company DraftKings Inc. relating to the company’s short-lived marketplace for non-fungible tokens, or NFTs, is likely to settle. Because the case will not proceed to a...more

ArentFox Schiff

One Shining Moment – Basketball Trading Cards or Securities?

ArentFox Schiff on

On February 22, 2023, the United States District Court for the Southern District of New York, in a 64-page opinion, denied a motion to dismiss filed by Dapper Labs, Inc., the developer behind the NBA Top Shot NFT platform,...more

Skadden, Arps, Slate, Meagher & Flom LLP

Suit Alleging NBA ‘Top Shot’ NFTs Were Securities Survives Motion To Dismiss

On February 22, 2023, Judge Victor Marrero of the U.S. District Court for the Southern District of New York issued an order in Friel v. Dapper Labs, Inc., denying Dapper Labs and its CEO’s motion to dismiss a putative...more

Tonkon Torp LLP

Recent Court Decision Sheds Light on Cryptocurrency Treatment Under Securities Law

Tonkon Torp LLP on

A recent class certification decision (Williams v. Kucoin et al.[1]) from a magistrate judge in the Southern District of New York provides insight on how courts view those who enable trading in cryptocurrencies and...more

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