According to ChainCatcher, the Snapshot governance page shows that the Lido community has initiated a vote on the proposal to "designate an entity to respond to the pending class action lawsuit against Lido DAO."
The motion states that a private plaintiff filed a class action lawsuit numbered 3:23-cv-06492 in the United States District Court for the Northern District of California, naming "LIDO DAO, a general partnership" as the defendant. In the complaint, Lido DAO was accused of being a "general partnership operating an Ethereum staking business", and LDO tokens or LDO token transactions were accused of being securities or securities transactions, and Lido DAO was accused of offering or selling these securities to the public in violation of securities laws.
On June 27, the court ruled that the plaintiff’s service of legal documents to Lido DAO through various public releases was legal, and required Lido DAO to respond within 14 days, or face a default judgment on the plaintiff’s claim.
Therefore, without acknowledging and expressly dissenting that Lido DAO is a partnership, association, or other legally identifiable group or entity, this Proposal proposes to appoint and fund the hiring of legal counsel (currently expected to be Brown Rudnick, led by Partner Stephen Palley) by Dolphin CL, LLC, a Delaware limited liability company (“Dolphin”). The requested funding amount is $200,000 DAI, which is expected to be sufficient to cover the services of Dolphin and its legal counsel to draft, file, and argue a motion in support of a motion to dismiss the claims involving Lido DAO.
The proposal will be voted on until July 10 and currently has a 100% approval rate.
