Promising Progress for Terra (LUNA): Final U.S. Class Action Lawsuit Withdrawn – Newly Appointed CEO Issues Statement

Terra Classic

In the most recent update, the final class action lawsuit lodged in the United States against Terra (LUNA) and Terraform Labs has been voluntarily dismissed.

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In a noteworthy development, the recent class action lawsuit brought against Terra (LUNA) in the United States has been voluntarily retracted by the plaintiffs. This marks the second case to be withdrawn, signifying a favorable trend for the company.

Terraform Labs CEO Chris Amani conveyed his sense of relief and resolve in his statement regarding the matter. He stated, “The most recent class action lawsuit filed against Terra in the U.S. has been dismissed by the plaintiffs, making it a total of two. As long as these groundless legal allegations persist, we will remain committed to our defense.”

Regarding the specifics of the case, it was initially filed by Nick Patterson individually, and subsequently, on behalf of a group sharing similarities with Terraform Labs, including Jump Crypto, Jump Trading, Tribe Capital, Definance Capital/Definance Technologies, Three Arrows Capital, Nicholas Platias, and Do Kwon. In response, a countersuit was initiated.

Nonetheless, lead plaintiff Michael Tobias and plaintiff Nick Patterson have willingly and entirely withdrawn the lawsuit against defendants Terraform Labs and Do Kwon, as indicated in a notice submitted to the court and all relevant parties.

The notice also made it clear that neither the plaintiffs nor their legal representatives have received or will receive any form of compensation for this withdrawal.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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