Law360 reports on Trachtenberg & Arena’s successful settlement of a $200 million class action for $2 million. The firm represented a Chinese company registered in Singapore that allegedly issued an unregistered cryptocurrency token. The company had developed a Web3 blockchain-driven platform that utilized smart contracts allowing participants to buy and sell digital assets on the decentralized internet. The action raised a variety of complex legal issues including: 1) whether the crypto token required registration as a security; 2) whether the offering was domestic; 3) whether China’s Personal Information Protection Law shielded documents from production in U.S. litigation; and 4) whether the personal devices of certain company employees were subject to disclosure. These and various technical issues regarding the production of modern attachments and ephemeral documents are referenced in the Law360 article.
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