A group of investors behind a class-action lawsuit against Terraform Labs and its co-founder Do Kwon over fraud allegations have dropped the case. 

In a Sept. 28 filing in United States District Court for the Northern District of California, lawyers representing plaintiff Nick Patterson, who filed the lawsuit on behalf of investors, filed a notice of voluntary dismissal only against Terraform and Kwon. The notice did not explicitly state the reasons for dropping the case without prejudice.

“The [Terraform Labs] Defendants have neither answered the complaint […] nor filed motions for summary judgment,” said the filing. “Because the Court has not certified the proposed class for any purpose in this case and this dismissal is without prejudice, it will not bind members of the proposed class.”

1/ In another win for Terraform Labs, the class-action lawsuit alleging fraud against TFL and @stablekwon has been voluntarily dismissed in the U.S. District Court for the Northern District of California.https://t.co/oYfkblOf0H

— Terra Powered by LUNA (@terra_money) September 30, 2023

Related: Do Kwon says SEC’s extradition request is impossible

Patterson’s legal team filed the lawsuit in June 2022 following the collapse of Terraform Labs, which many attributed to kicking off a major crypto market crash. Kwon and the company have since

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Author: Turner Wright

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