US Federal Court takes over Libra Meme Coin Libra lawsuit

The class action lawsuit against the Libra Meme Coin promoter in Burwick Law has moved from the state to federal jurisdiction. The lawsuit was combined with one regarding M3M3, another suspicious fraud token controlled by the same numbers.

This effort differs from Argentina’s own research in two distinct ways. They are not targeting Argentinean government officials or entrepreneurs, and are only interested in civil penalties.

US Libra lawsuits will be federal

The Libra meme coin scandal has seriously rocked the Argentine crypto community, with local criminal investigations on key figures like President Javier Miley ongoing.

However, various crypto-specific entrepreneurs were actually at the forefront of the project. A class action lawsuit against Libra supporters took off in the US two months ago, but now it becomes the federal government.

Local Argentine media has reported additional details about the US-based Libra lawsuit. Essentially, US investors represented a huge portion of Libra buyers, as the federal government could have grounds for criminal charges.

However, US executives were not pursuing opportunities. Instead, Berwick’s suits focus on private backers like Kellier’s Hayden Davis.

As far as civil litigation goes, these Libra supporters are much softer targets than the head of state sitting. Interpol has already issued a warrant for Davis’ arrest in March.

Former Meteora executive Benjamin Chow is also the nominated target. He requested a transition from state court to federal court, and Judge Jennifer Locon required the request.

Multiple fraud tokens have been scrutinized

In addition to moving the Libra case, Judge Locon combined it with another case. Hayden Davis has been involved in several different rug pulls and memecoin scams, and continues to launch more after the Libra incident.

Burwick Law manages separate class action cases relating to one of these related tokens, M3M3.

Davis, Chow, and several other promoters have been named in this combination suit, and Libra promoters are said to have used very similar tactics to enhance M3M3.

The court will save time and resources by considering both class action suits at once, and Berwick has the opportunity to demonstrate repetitive patterns of behavior.

This broad focus could be a greater chance of success due to Berwick’s Libra lawsuit. They are not named Argentinean officials or entrepreneurs and prefer not to interfere with the country’s domestic prosecutor’s efforts.

Berwick is interested in proving that these civilians intentionally promote fraudulent assets and seek nothing but financial compensation. This appears to be a wise move compared to recent difficulties in Argentina’s criminal investigations.