The EOS Network Foundation (ENF) has urged plaintiffs to reject the current $22 million settlement with Block.one (B1). The ENF took to Twitter on August 8th to encourage plaintiffs to drop the lawsuit against Block.one, the firm that originally sold EOS through a $4 billion initial coin offering (ICO) in 2018. The ENF argued that the existing settlement does not adequately compensate community members for losses caused by Block.one’s misrepresentations and bad acts. They emphasized that the settlement amount is a tiny fraction of the funds raised by Block.one, as well as the $1 billion that it falsely promised to invest in the EOS network and community.
In a public announcement, the EOS Network Foundation stated, “22 million dollars is too small a price for Block.one to pay to avoid having to be held accountable for their bad acts in the future.” They further stressed that the settlement bars class action participants from filing new complaints against Block.one and its founders. The ENF urged community members to opt out of the settlement, which they believe will send a strong message to Block.one and the court that the settlement is insufficient in compensating the community.
The deadline to opt out of the class action is August 29th, according to the ENF. Failure to opt out by this date would result in automatic inclusion in the class, limiting future rights to bring a claim against Block.one. These statements from the EOS Network Foundation came shortly after they announced their preparation to initiate legal action against Block.one in late July.
Yves La Rose, the founder and CEO of ENF, stated that the new action by the foundation could potentially enable plaintiffs to receive higher compensation. However, he also emphasized that there are no guarantees and it is a personal choice for each individual to make. The ENF advises consulting with one’s own legal counsel to determine the best course of action for each person.
The ongoing dispute between the plaintiffs and Block.one revolves around the alleged misrepresentations and inadequate investments promised by Block.one during the ICO. The EOS Network Foundation believes that the $22 million settlement is insufficient to hold Block.one accountable for their actions and compensate the affected community adequately. They aim to rally community members to reject the settlement and pursue stronger legal action to ensure justice for all stakeholders.
In conclusion, the EOS Network Foundation is urging plaintiffs to reject the $22 million settlement with Block.one, as they believe it does not adequately compensate community members for losses caused by Block.one’s misrepresentations and bad acts. They highlight the discrepancy between the settlement amount and the funds raised during the ICO, as well as the false promise of a $1 billion investment in the EOS network and community. The ENF urges the community to opt out of the settlement and asserts that doing so will send a strong message to Block.one and the court regarding the inadequacy of the settlement. The foundation advises consulting with personal legal counsel before making a decision.
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