US judge dismisses Burwick Law's LIBRA lawsuit against Hayden Davis with prejudice

A US judge dismissed with prejudice Burwick Law's lawsuit against Hayden Davis over the LIBRA and M3M3 token launches. Judge Jennifer Rochon's findings were filed on Tuesday. Rochon denied plaintiffs Omar Hurlock and Anuj Mehta permission to file a second amended complaint, calling it futile. Rochon granted three motions filed by the Kelsier Defendants, Benjamin Chow and intervenor plaintiff Dynamic Lab. The Kelsier Defendants are Hayden Davis, Kelsier Labs, Gideon Davis and Charles Thomas Davis. The motions argued that Burwick Law could not prove Meteora was a suable entity or establish that Chow acted fraudulently. The motions also argued that Burwick Law could not establish personal New York jurisdiction over the Kelsier Defendants or a consistent pattern of racketeering across the six-month timeline of token launches. Rochon's dismissal was largely based on the allegations failing to meet specific legal requirements. Crypto law firm founder Ariel Giver said the ruling should not be interpreted as establishing that memecoins are legal. The defendants had been accused of a coordinated insider trading scheme involving M3M3, launched in December 2024, and LIBRA, publicly launched by Argentine President Javier Milei in February 2025. The plaintiffs lost tens of thousands of dollars. Nansen Research claimed 86% of LIBRA investors lost over $250 million. Attempts during the lawsuit to prevent LIBRA-linked funds from being anonymized were unsuccessful. Rochon said Hayden Davis and other defendants had committed to documenting all their transactions for traceability. Rochon said Burwick Law had not proved that the plaintiffs faced irreparable harm. The Libra Trust website went live minutes before the hearing on that motion. The website was created five days after a prior freezing order was lifted and had once redirected users to a nudism blog.