#BTC An $LDO holder initiated a class-action lawsuit against the governing body for liquid staking protocol
@LidoFinance
.
The lawsuit alleges that Lido’s $LDO token is an unregistered security and that the Lido decentralized autonomous organization (Lido DAO) is liable for plaintiffs’ losses from the token’s price decline.
The lawsuit was filed by Andrew Samuels, who resides in Solano County, California, the document states.
The defendants are Lido DAO, as well as venture capital firms
@paradigm
, AH Capital Management,
@dragonfly_xyz
and investment management company
@RobertVentures_
.
The document alleges that 64% of $LDO tokens “are dedicated to the founders and early investors like [these defendants],” and therefore, “ordinary investors like Plaintiffs are unable to exert any meaningful influence on governance issues.”
