Lawsuit
NFT
securities and exchange commision
The ruling narrows the scope of the NFT class action, excluding Dolce & Gabbana USA over insufficient ties to the DGFamily platform.
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Julia Smith
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Julia Smith
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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.
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Dolce & Gabbana USA Inc., the American branch of the Italian luxury fashion house, has been dismissed by a federal judge from a class-action lawsuit involving its NFT project.
Dolce & Gabbana USA Was Not Behind Failed NFT Project.
According to a July 11 ruling from Judge Naomi Reice Buchwald of the Southern District of New York, Dolce & Gabbana USA Inc. is cleared from the high-profile litigation as it is not an “alter ego” of its parent company, Dolce & Gabbana SRL, which was in charge of the NFT-focused “DGFamily” project.
“The Court finds that plaintiff has not adequately alleged that D&G S.R.L. completely dominated D&G USA even if D&G S.R.L. allegedly shared some employees and office space with D&G USA,” the filing states in part.
“For the foregoing reasons, D&G USA’s motion is granted,” Reice concludes.
DGFamily NFT Project…
https://cryptonews.com/news/not-their-bag-dolce-gabbana-usa-dismissed-from-nft-fraud-case/
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