U.S. Judge Frederic Block said that the plaintiff Joseph Kent does not have the standing to pursue a lawsuit because he “suffered no concrete harm at the hands of the defendants.”
U.S. Judge Frederic Block said that despite having genuine concerns about the startup, a lawsuit in a federal court is not"an appropriate way to address them." The judge also said that the plaintiff Joseph Kent does not have the standing to pursue a lawsuit because he “suffered no concrete harm at the hands of the defendants.” The court order“Therefore, the Court holds that Kent lacks standing to sue and, accordingly, grants the defendants’ motions to dismiss on that ground.
The lawsuit was filed by Kent back in October 2021, alleging that the DeFi startup violated gambling laws in New York state by letting people evade financial regulations and scam consumers. It also described the platform as “an old-fashioned numbers racket.” However, according to the judge, the injury that Kent claims to have suffered must be similar to the injuries he hopes to find a remedy for in the federal court. However, in this case, the judge said that there was a mismatch. In the end, the case was dismissed.
Despite the decision, the judge said that Kent is"free to pursue his claims in state court” and ancillary issues raised in the dismissal motions that remain unanswered should be “resolved by the New York Court of Appeals."
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