Author: Marco González
Editor: Randall Roland
Several weeks have passed since Yves La Rose publicized An Open Letter from the CEO. The letter called for immediate action. Yves is the CEO of the EOS Network Foundation. He wants to maintain momentum following the network's declaration of independence. Listen to Yves speak about existing and potential class actions on a July 5 Fireside Chat clip.
At the time of publication, all official information can be found at Block.one Settlement. A $22 million Settlement Fund is at stake. Keep in mind that the community may file additional claims at a later date.
DEFINITION OF CLASS MEMBERS
Affected individuals are those belonging to the following class period:
Purchasers (or acquired) of either ERC-20 or EOS tokens between June 26, 2017 – May 18, 2020.
CLASS MEMBER OPTIONS
It may be prudent to visit the section Your Legal Rights and Options in This Action. Affected individuals have the following options:
Submit a Claim Form
Exclude Yourself
Object
Go to a Hearing
Do Nothing
DEADLINES
The first deadline (exclusion and objection) is August 29, 2023. Claims must be submitted by the following day (August 30).
About Exclusion
The material states that only excluded parties will be entitled to claim at a later date (for the same action). However, it’s advised to contact one’s legal counsel if involved in another legal action.
Note the FAQ section. FAQ #4 covers excluded persons (defendants, executives/family, and affiliates). If one is unsure if they qualify, FAQ #5 provides a toll-free number to contact the lead counsel.
ADDITIONAL INFORMATION
Additional information is provided under the (Important) Documents section. Dig into the events leading up to the ENF-lead class action by reading News Brief: Open Letter from ENF CEO. Read the full article mentioned on the Fireside Chat (from above).
Community Discussion
For individuals wishing to submit claims via export log or transaction history, consider the PDF version of the claim form. That was the advice of James Koutoulas (@jameskoutoulas), a lead lawyer in the EOS class action lawsuit. He also said:
“… Export varies …either export a trade log; monthly statements, or see wallet history on a blockchain explorer…”
And…
“… all the US users should be made aware of the $22M settlement fund”
Following an introduction by Mr. Koutoulas on the ENF Telegram channel was a Reddit post linking to a supposed other legal team. Nemesis states its mission as:
“Our mission is to provide financing and value-added resources to plaintiffs who suffer losses in the Crypto and Blockchain industry, and provide them with access to justice by pursuing legal actions…”
The Nemesis provided link is for an ‘opt out of the class action’. However, the legal team has not made a reasonable effort to reach out to the community, misspell the defendant, and ambiguous information about opting out vs. any future claim.
SETTLEMENT HEARING
The settlement hearing is scheduled for September 19, 2023, at 2:00 p.m. by the United States District Court for the Southern District of New York. Individual class members need not attend.
For the latest information, view the July 19 Fireside Chat.
Sources & References