Law & Policy

legal

Pump[.]fun, a popular Solana-based memepad, was hit with a second class action lawsuit yesterday.

The lawsuit claims that Pump[.]fun acted as both the issuer and statutory seller of tokens under Section 12(a)(1) of the Securities Act.

You can read the full 215-page lawsuit, including all exhibits, here: https://aboutblaw.com/bg4F.

It looks like this US class action could have been avoided if the project had proper Terms of Use with an Arbitration Clause and Class Action Waiver. But they didn’t—at least not until the end of 2024, when the lawsuit was already imminent.