Class-action lawsuit against rapper T.I. over digital tokens is dismissed
That’s a wrap on a class-action lawsuit against rapper T.I.
A judge on Monday dismissed a lawsuit accusing the “Live Your Life” artist and an associate of promoting and selling cryptographic tokens that weren’t officially registered, according to documents published by the website CoinDesk.
The lawsuit was dropped because a statue of limitations had passed.
T.I., whose real name is Clifford Joseph Harris Jr., is accused of teaming up in 2017 with Ryan Felton, the founder of FLiKIO — which was billed as an online viewing platform — and offering “FLiK Tokens” for purchase.
“FLiK explained that it would use the funds from the sale of FLiK Tokens to license content, fund film projects, market and promote the FLiK platform, and integrate FLiK with additional viewing platforms,” Monday’s court filing reads.
The digital tokens started at about 6 cents each, with the the Atlanta-born T.I. promoting the venture on social media.
“FLiK represented that investors could redeem the tokens on its platform after it launched,” the paperwork published by CoinDesk continued. “FLiK never registered FLiK Tokens as securities with the Securities and Exchange Commission.”
The FLiK platform did not launch, the documents state, but the U.S. 11th Circuit Court of Appeals dropped the lawsuit, deeming it untimely.
The class-action suit was filed by Kenneth Fedance, who spent $3,000 on the tokens, according to Coin Desk.
Monday’s new development follows a settlement last year that cost the 40-year-old T.I. $75,000 in response to issues that involved the platform and the Securities and Exchange Commission.
———
