A category-action lawsuit introduced towards Atlanta-based rapper Clifford Joseph Harris Jr. has been dismissed in a U.S. appellate court docket for exceeding the statute of limitations.
Harris Jr., who is best recognized by his stage identify “T.I.,” and enterprise companion Ryan Felton have been accused of violating securities legislation for promoting unregistered FLiK tokens to traders in 2017.
filed on Monday within the U.S. eleventh Circuit Courtroom of Appeals present the selections made by circuit decide William Pryor, district decide Emily Coody Marks and chief decide Robert J. Luck upheld a call by a decrease court docket to dismiss the grievance, as a result of it was filed past the constraints interval.
Investor Kenneth Fedance, who bought $3,000 value of FLiK, sued Harris Jr. and Felton in 2019 within the U.S. Northern District Courtroom of Georgia, accusing them of three securities violations.
“As a result of we affirm the dismissal of the grievance as premature, we don’t attain Harris’s various arguments for affirmance, or Felton’s try and undertake them,” the appellate judges wrote.
Felton created FLiK the identical 12 months he started advertising and marketing his firm’s tokens and solicited Harris Jr. as its co-founder shortly after. Harris’ contacts, together with actor Kevin Hart, took to Twitter to advertise the undertaking and its tokens, in response to the doc.
“I’m Tremendous Excited for [T.I.] and his new enterprise with @TheFlikIO! They’re gonna crush it! #ICO #blockchain #crypto #bitcoin,” Hart wrote on the time.
The tokens fashioned a part of purported digital streaming platform FLiK’s ecosystem, which was marketed as an “on-line viewing platform that [allows] creatives to promote/lease their initiatives.”
In afinal 12 months, the pair, alongside six different people, have been accused of selling the platform’s preliminary coin providing with out first registering with the U.S. Securities and Change Fee (SEC).
The rapper agreed to pay $75,000 and never take part in any digital asset gross sales till 2025.
See the court docket doc in full under:
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