Solana Labs dropped from Burwick Law’s Pump Fun lawsuit

Judge Colleen McMahon has dismissed Burwick Law’s claims against Solana Labs, Solana Foundation, and its execs as part of the ongoing Pump Fun lawsuit.

Yesterday’s court filing revealed McMahon’s orders that either denied or approved Pump Fun’s various motions to dismiss allegations put forward by Burwick Law. 

Racketeering (RICO) allegations that accuse Pump Fun’s parent company, Baton Corporation, and its executives, Noah Bernhard Hugo Tweedale, Alon Cohen, and Dylan Kerler, of wire fraud, illegal gambling, and unlicensed money transmission were upheld.

These two allegations were submitted by plaintiffs Carnahan and Okafor, but RICO claims put forward by the plaintiff Aguilar were dismissed.

Pump Fun memecoins FRED and GRIFFAIN are not securities

The judge also dismissed allegations that Pump Fun defendants broke the Securities Act by offering unregistered securities.

They claim the two memecoins FRED and GRIFFAIN did not entail a “common enterprise” and, as such, do not fulfill the Howey Test. 

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