American lawyers, world renowned for their rabid litigiousness, now appear to have set their sights on the ripe target of ICOs and their massive spoils. After a Boston-based law firm Block & Leviton LLP announced last month the launch of an investigation on behalf of investors in the Tezos ICO, it has now been revealed that San Diego-based Taylor-Copeland Law has beaten it to the punch by filing a class-action against the project’s promoters in California.
Founded by husband and wife team Arthur and Kathleen Breitman, Tezos is an independent smart contract platform built as an alternative to Ethereum. It raised about $232 million earlier this year and is now worth over $580 million (65,703 BTC + 361,122 ETH).
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The lawsuit alleges that the organizers sold unregistered securities and engaged in fraudulent activity. Besides the Breitmans, the defendants include Dynamic Ledger Solutions Inc, Strange Brew Strategies, and the Tezos Foundation.