A category-action lawsuit introduced towards Atlanta-based rapper Clifford Joseph Harris Jr. has been dismissed in a U.S. appellate courtroom 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 buyers in 2017.
Court documents filed on Monday within the U.S. eleventh Circuit Courtroom of Appeals present the choices made by circuit choose William Pryor, district choose Emily Coody Marks and chief choose Robert J. Luck upheld a choice by a decrease courtroom to dismiss the grievance, as a result of it was filed past the restrictions 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 different arguments for affirmance, or Felton’s try and undertake them,” the appellate judges wrote.
Felton created FLiK the identical yr 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 mission 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 shaped a part of purported digital streaming platform FLiK’s ecosystem, which was marketed as an “on-line viewing platform that [allows] creatives to promote/hire their tasks.”
In a separate matter final yr, 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 Trade Fee (SEC).
The rapper agreed to pay $75,000 and never take part in any digital asset gross sales till 2025.
See additionally: SEC Charges Rapper TI With Securities Violations for Promoting 2017 ICO
See the courtroom doc in full under:
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