January 20, 2023

$5M Settlement: Shareholders in Cryptocurrency Mining Company Resolve Class Action

A company operating what analysts said was a “pump and dump” cryptocurrency mining scheme has settled a securities class action brought on behalf of investors for $5 million.

U.S. District Judge Robert Kugler. Photo: Carmen Natale/ALM

Senior U.S. District Judge Robert Kugler on Friday adopted a report by U.S. Magistrate Judge Elizabeth Pascal recommending approval of the settlement with SOS Limited of Qingdao City, China. The report calls for allocation of $1.7 million from the settlement fund for legal fees and costs.

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