Amid the approaching deadline for opting out of the current $22-million settlement with Block.one (B1), the EOS Network Foundation (ENF) has called on plaintiffs to drop the lawsuit.
The ENF took to X (formerly Twitter) on Aug. 8 to encourage plaintiffs to reject the $22-million settlement from Block.one, the firm that was the original seller of EOS (EOS) in 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.” The ENF emphasized that the settlement amount is a tiny fraction of the amount raised by Block.one as well as $1 billion that it falsely promised to invest in the EOS network and community.
“$22 million is too small a price for Block.one to pay to avoid having to be held to account for their bad acts in the future,” the announcement reads.
Additionally, the settlement bars class action participants’ rights to file new complaints against Block.one and its founders in the future, the ENF stressed, adding:
“The ENF urges community members to opt out of the settlement which will send a strong message to Block.one and to the court that the settlement is entirely inadequate and does not adequately compensate community members.”
According to the foundation, the deadline to opt out of the class action is Aug. 29. “If you fail to opt out by this date you may automatically be included in the class and your future rights to bring a claim against Block.one will be impaired,” the ENF noted.
Related: ‘The SEC has violated due process’ — Coinbase CLO on motion to dismiss lawsuit
The latest statements by the ENF came soon after it officially announced that it was preparing to start legal action against B1 in late July.
ENF founder and CEO Yves La Rose told Cointelegraph that the new action by the ENF could potentially help plaintiffs get higher compensation. “There are no guarantees, which is why this is a personal choice they need to make,” La Rose stated, reiterating that the ENF recommends any person consult their own legal counsel to determine which decision would be best for them.
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**Key Points:**
– The EOS Network Foundation (ENF) is urging plaintiffs to reject the $22-million settlement with Block.one (B1).
– The ENF argues that the settlement does not adequately compensate community members for losses caused by Block.one’s misrepresentations and bad acts.
– The settlement amount is a fraction of the amount raised by Block.one and the $1 billion it falsely promised to invest in the EOS network and community.
– The ENF urges community members to opt out of the settlement to send a strong message to Block.one and the court.
– The deadline to opt out of the class action is Aug. 29, and failure to opt out may impair future rights to bring a claim against Block.one.
*Related Article:* [‘The SEC has violated due process’ — Coinbase CLO on motion to dismiss lawsuit](https://cointelegraph.com/news/sec-violated-due-process-coinbase-chief-legal-officer-motion-dismiss-lawsuit)
The EOS Network Foundation (ENF) is calling on plaintiffs to reject the $22-million settlement with Block.one (B1), the firm behind EOS. The ENF argues that the settlement does not adequately compensate community members for the losses they incurred due to Block.one’s misrepresentations and bad behavior. The ENF emphasizes that the settlement amount is only a small fraction of the funds raised by Block.one and the $1 billion it had promised to invest in the EOS network and community. The settlement also prevents class action participants from filing new complaints against Block.one and its founders in the future. The ENF encourages community members to opt out of the settlement by the Aug. 29 deadline, as failure to do so may impair their future rights to bring a claim against Block.one.
This announcement from the ENF follows its previous announcement of preparing to take legal action against B1 in late July. ENF founder and CEO Yves La Rose stated that this new action may potentially help plaintiffs secure higher compensation. However, he emphasized that there are no guarantees and individuals should seek legal counsel to make the best decision for themselves.
*Related Article:* [Should you ‘orange pill’ children? The case for Bitcoin kids books](https://cointelegraph.com/magazine/orange-pill-children-bitcoin-kids-books/)
