Terraform Labs is seeking a dismissal of a class action suit filed against it in June last year, arguing that U.S. securities laws don't apply to them.
In June 2022, this particular class action was filed, claiming that the Terra tokens were securities, among other allegations., Terraform’s dismissal motion argued that federal securities laws and the mail and wire fraud accusations in the suit only apply domestically.
“The federal securities laws do not apply because the SAC [Second Amended Complaint] does not allege that any of the protocols at issue were developed domestically.” The same argument also applies to the suit’s RICO allegations, which claimed the firm’s goal was to reap profits at retail investors’ expense, according to Terraform.
Nick Patterson, who filed the suit on behalf of investors, did not adequately plead that mail and wire fraud allegations occurred domestically, it argued. The motion also states that the plaintiff failed to identify the location of digital wallets containing his Terra tokens, which negates any “domestic injury” claims, according to Terraform.
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