Judge Dismisses Burwick Law Claims And Drops Solana Labs From Pump.fun Case
TL;DR
- Judge Colleen McMahon dismissed all of Burwick Law’s claims against Solana Labs, the Foundation, and their executives in the Pump.fun case.
- RICO charges against Baton Corporation and its executives for fraud, illegal gambling, and unlicensed money transmission were confirmed.
- The judge determined that memecoins FRED and GRIFFAIN do not qualify as securities under the Howey Test for failing to constitute a “common enterprise.”
Judge Colleen McMahon formally dismissed the claims filed by Burwick Law against Solana Labs, Solana Foundation, and their executives in the context of the class action lawsuit against the memecoin platform Pump.fun. The decision was recorded in a court filing, in which McMahon ruled on a series of motions to dismiss raised by the defendants.
The ruling did not close the case entirely. The charges under the RICO statute — which accuse Baton Corporation, parent company of Pump.fun, and its executives Noah Bernhard Hugo Tweedale, Alon Cohen, and Dylan Kerler of wire fraud, illegal gambling, and unlicensed money transmission — were sustained for plaintiffs Carnahan and Okafor. However, the RICO charges brought by plaintiff Aguilar were dismissed.
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