Cloud With Me Investors Win Cert. In ICO Fraud Suit

Law360 (July 31, 2020, 7:07 PM EDT) — A Pennsylvania federal judge on Thursday certified a class of investors in Irish cryptocurrency startup Cloud With Me Ltd. in a suit accusing the company of conducting a fraudulent $10 million initial coin offering.

In a three-page order, U.S. District Judge Mark R. Hornak adopted U.S. Magistrate Judge Lisa Pupo Lenihan’s July 2 report recommending that he certify a class of investors who acquired Cloud Tokens from July 23, 2017, through June 19, 2018. The judge also appointed named plaintiffs John Oum and Raymond Balestra as class representatives and Levi & Korsinsky LLP as class counsel.

The judge noted in his…

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