Dapper Labs Agrees to $4M Settlement in Class Action Securities Suit

Dapper Labs has reached a tentative settlement agreement with a group of investors who sued the non-fungible token (NFT) company and its co-founder and CEO Roham Gharegozlou for allegedly violating federal securities laws. If approved by District Court Judge Victor of the Southern District of New York (SDNY), the settlement would bring a nearly three-year-long legal battle to an end. The settlement agreement filed Monday would bar the plaintiffs from claiming that their NFTs are securities, in exchange for an aggregate settlement fund of $4 million. Dapper Labs also agreed to other business changes to settle the suit.

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