TREE NEWS update: Judge Jennifer Rochon dismissed the LIBRA and M3M3 memecoin class action with prejudice, ruling that six months of memecoin launches cannot sustain a RICO claim. The court also found that plaintiffs never pleaded Meteora as an entity capable of being sued. The dismissal with prejudice ends the case at the district level.
Judge Dismisses LIBRA and M3M3 Memecoin Class Action With Prejudice
AI take
A dismissal with prejudice on RICO grounds is a meaningful procedural ceiling: it signals courts are unwilling to stretch racketeering statutes over short-lived memecoin launches, which could discourage copycat class actions built on the same theory. The ruling also narrows the practical target set, since plaintiffs failed to establish Meteora as a suable entity. Whether appellate courts adopt the same view of memecoin conduct as outside RICO's scope remains the open question.
Generated by AI for reference only.
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