According to TechFlow, on July 11, according to the Snapshot governance page, the Lido community voted to approve the "designated entity to respond to pending class action lawsuits against Lido DAO". The proposal stated that a private plaintiff filed a class action lawsuit against Lido DAO in the United States District Court for the Northern District of California, naming "LIDO DAO, a general partnership" as the defendant, accusing it of violating securities laws by offering or selling LDO tokens to the public. The court confirmed on June 27 that Lido DAO was officially served with legal documents, requiring Lido DAO to respond within 14 days, otherwise it will face a default judgment. The Lido DAO proposal appointed Dolphin CL, LLC to appear in court on its behalf and apply to dismiss the lawsuit. The proposal requires 200,000 DAI funds to pay legal fees.
