Caitlyn Jenner Meme Coin Lawsuit Tossed for Lack of US Jurisdiction

A federal judge in California has thrown away a Class Action right against Caitlyn Jenner and her business partner, Sophia Hutchins, who say that the British investor who suggests cannot use the American courts to restore his losses.

The lawsuit “does not claim facts about where or how Jenner has provided this liquidity,” wrote the American district judge Stanley Blumenfeld, Jr.

The judge said that without showing how the token purchases were made in the US, the court could not “reasonably conclude” that Jenner “has sustained irrevocably liable liability” under American securities laws.

A copy of the command that the motion grants to dismiss last Thursday was obtained and assessed by Decrypt by Law360.

Lead plaintiff Lee Greenfield claims to have lost more than $ 40,000 by selling Jenner’s Meme Coin In the event of loss after holding between May and July 2024. He is identified by Judge Blumenfeld Jr. As “the investor with the biggest losses.”

The lawsuit presented nine legal arguments against Jenner and Hutchins: Seven aimed at Jenner directly, including federal securities violations, California State Securities laws, fraud and contract disputes, and two against Hutchins (for liability for control person and auxiliary fraud).

Greenfield also claimed that Jenner and her business partner, Sophia Hutchins, misled investors by launching $ Jenner on one platform (Solana) and then creating identical coins on Ethereum two days later, so that the first to lose value.

Between creating the Solana and Ethereum -Tokens, Greenfield Jenner of the promotion of another token “Named after her and Hutchins’s Dogs ($ bbark)”, despite the fact that Jenner reportedly ensured that she was “fully focused” on the tokens in her name.

Greenfield’s lawsuit also claimed that Jenner benefited from those movements by collecting 3% costs for all transactions from the Ethereum version of the Meme Coin.

But the main complaint from Greenfield “offers scarce details about the purchases of Greenfield,” said the judge, adding that Greenfield only claimed that he “gathered the tokens”, paid crypto from the Ethereum and Solana Blockchains (ETH and Sol).

While rejecting the current court case, the judge Greenfield gives until 23 May to submit a new complaint with better evidence that his purchases are eligible for American legal protection. Jenner and Hutchison were given until 6 June to respond to a changed submission.

Decrypt Jenner reached via a press research form on their website. Decrypt Also made efforts to make contact with Greenfield, who does not maintain public e-mail.

Edited by Sebastian Sinclair