(2021)
SEC v. LBRY
Year
2021
Criminal or Civil
Civil
Year Resolved
2022 (summary judgment issued)
Jurisdiction (Court/State)
U.S. District Court for the District of New Hampshire
Filed By
U.S. Securities and Exchange Commission (SEC)
Penalty/Fine (USD)
Pending at the time of judgment; the court reserved the relief determination
Lawsuit Overview
The SEC sued LBRY, Inc. for offering and selling unregistered crypto asset securities (LBRY Credits or LBC). The court granted summary judgment in favor of the SEC, finding that LBC was sold as a security in violation of federal securities laws and rejecting LBRY’s fair notice defense.
Category
Unregistered Securities Offering
Notable Individuals Involved
Judge Peter Barbadoro
SEC Legal Team: Marc Jones, Peter Bryan Moores, Amy Burkart
Investor Loss Estimate
Approximately $12.2 million raised from investors
Final Outcome
Summary judgment granted for SEC; relief to be determined
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