Welcome to the Settlement website for the In Re Tezos Securities Litigation.

If you contributed Bitcoin and/or Ethereum to what the Defendants describe as a fundraiser and what the Plaintiffs describe as an Initial Coin Offering conducted by the Tezos Foundation between July 1, 2017, and July 13, 2017, inclusive, you could receive a payment from this class action Settlement.

This website relates to a Proposed Settlement of claims in pending securities class actions in California federal and state courts alleging, among other things, that Defendants Tezos Foundation (also referred to as the “Foundation”), Dynamic Ledger Solutions, Inc. (“DLS”), Arthur Breitman, and Kathleen Breitman (collectively, the “Defendants”) violated federal securities laws by offering and selling Tezos tokens without filing a registration statement with the United States Securities and Exchange Commission (“SEC”) in violation of the Securities Act of 1933 (the “1933 Act”). The Proposed Settlement, if approved by the Court, will settle claims of the Settlement Class.

Subject to Court approval, Federal Lead Plaintiff Trigon Trading Party Ltd. (“Federal Lead Plaintiff”) and State Plaintiff Andrew Baker (“State Plaintiff”), on behalf of themselves and the Settlement Class (as defined in FAQ 3, have reached a proposed settlement of the Litigations for $25,000,000 in cash that, if approved, will resolve all claims in the Litigations (the “Settlement”).

Your legal rights are affected whether you act or don’t act. Please read this website carefully.

Your Legal Rights and Options in This Settlement
File a Claim Form
Deadline: October 16, 2020

To receive a payment under the Proposed Settlement:

If you are a Settlement Class Member, you must either submit a Claim Form through this website, or through the mail so that it is submitted or postmarked no later than October 16, 2020. If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.
Exclude Yourself from This Settlement
Deadline: August 6, 2020

To exclude yourself from the Proposed Settlement:

If you are a member of the Settlement Class, you may exclude yourself by submitting a request for exclusion such that it is received no later than August 6, 2020, in accordance with the instructions set forth in FAQ 11. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action, and will not be eligible to share in the proceeds of the Settlement.

Object to or Comment on the Settlement
Deadline: August 6, 2020

To object to the Proposed Settlement, the Plan of Allocation, or Federal and State Lead Counsel’s Motion for Attorneys’ Fees and Expenses:

Any objections to the Proposed Settlement, the proposed Plan of Allocation, or to Federal and State Lead Counsel’s Motion for Attorneys’ Fees and Expenses must be filed with the Court and delivered to Federal and State Lead Counsel and Defendants’ Counsel such that they are received no later than August 6, 2020, in accordance with the instructions set forth in FAQ 13.
Go to the Settlement Hearing
Date: August 27, 2020

You can attend the Settlement Hearing where the Court may hear arguments concerning approval of the Settlement. If you wish to speak at the Settlement Hearing, you must make a request to do so. You are not required to attend the Settlement Hearing.
Do Nothing If you are a Settlement Class Member and do nothing, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.
Current Status

The Settlement Hearing was held on August 27, 2020. The Court issued a Judgment on August 28, 2020 approving the Settlement and granted the Distribution Motion on March 30, 2022. Distribution is anticipated to occur during the second quarter of this year.


Update

Pursuant to Paragraph 6.8 of the Stipulation of Settlement, Federal Lead Counsel and State Lead Counsel intend to ask the Court for permission to name the San Francisco Food Bank (d/b/a SF-Marin Food Bank) as the 501(c)(3) non-profit organization which would receive “any balance not economically feasible to otherwise distribute which still remains in the Net Settlement Fund.” This election must be approved by the Court.



Important Dates
  • July 1, 2017 - July 13, 2017
    Class Period
  • August 6, 2020
    Deadline to Exclude Yourself from the Settlement Class
  • August 6, 2020
    Deadline to Object
  • August 27, 2020, at 1:30 p.m.
    Settlement Hearing
  • October 16, 2020
    Deadline to Submit a Claim Form
  • August 10, 2022
    Initial Distribution of Payment