NFT

Court Clears Dolce & Gabbana USA from NFT Liability, Leaving Investors in the Lurch

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A federal judge in New York has dismissed a class-action lawsuit against Dolce & Gabbana USA, determining that the company’s U.S. division is not liable for the alleged shortcomings of the DGFamily NFT project. This initiative reportedly raised over $25 million based on promises of digital and physical rewards to investors, many of whom feel cheated by the venture. U.S. District Judge Naomi Reice Buchwald ruled on Friday that Dolce & Gabbana USA did not act as an “alter ego” for its parent company, Dolce & Gabbana SRL, which was responsible for executing the NFT … Read more

US Court Clears Dolce & Gabbana USA of Liability in Controversial NFT Case, Dismissing Class-Action Claims

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New York—A federal court ruling has cleared Dolce & Gabbana USA Inc. of claims tied to a class-action lawsuit involving the luxury brand’s non-fungible token (NFT) project, which has been at the center of controversy over alleged unmet promises to buyers. On Friday, U.S. District Judge Naomi Reice Buchwald determined that the U.S. subsidiary is not an “alter ego” of its Italian parent company, Dolce & Gabbana SRL, and therefore cannot be held liable under the allegations set forth by NFT purchasers. The legal action was initiated in May 2024 and later updated in September, … Read more

DraftKings Settles NFT Class Action for $10 Million Amid Claims of Unregistered Securities

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BOSTON — DraftKings, the well-known gambling company, has agreed to a $10 million settlement in a class-action lawsuit regarding its sales of non-fungible tokens (NFTs) through a marketplace that is no longer in operation. The lawsuit was spearheaded by lead plaintiff Justin Dufoe and represented others who had purchased NFTs from DraftKings. The preliminary approval for the settlement was granted by Judge Denise Casper of the Boston federal court on February 28, following a motion filed by the plaintiff’s group a few days prior. The settlement, which awaits a final approval, proposes a split of … Read more

Shaquille O’Neal Agrees to $11 Million Settlement for Injured Crypto Investors in NFT Lawsuit

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MIAMI — On Tuesday, a federal judge in Miami gave the initial green light to an $11 million settlement fund, stemming from a class-action lawsuit involving famed former basketball player Shaquille O’Neal. This preliminary agreement addresses claims from investors who allege they suffered financial losses linked to the Astrals Project nonfungible tokens (NFTs) and GLXY tokens. The Moskowitz Law Firm, helmed by managing partner Adam Moskowitz in Coconut Grove, Florida, represents the certified class of affected investors. Moskowitz, alongside his colleague Joseph M. Kaye and the team from Mark Migdal Hayden, including Jose M. Ferrer … Read more