Tezos Foundation announcedthat she is ready to reach a peaceful settlement in the ongoing lawsuit. These lawsuits involve whether the Tezos Coin (XTZ) is a security, whether the ICO has been properly executed, and whether the truthful data has been presented to investors at that time.
The Tezos Foundation claims that all claims are “groundless” and continues to deny any wrongdoing. However, the organization says that continuing the procedure to prove their case will cost too much.
“Litigation is expensive and time consuming, so it was decided that one-off settlement payments would be preferable to paying legal fees to continue the battle in the courts,” – said the organization.
Investors filed at least four lawsuits against Tezos in 2017 and another one at the end of last year. Despite Tezos being littered with lawsuits, some have already been discontinued and accepted for the benefit of the organization. Two cases were closed in California last year.
Tezos does not yet know how high the payouts will be, but notes that those who participated in the ICO in 2017 can count on this.