DraftKings settles class-action lawsuit over NFT marketplace for $10M

Gambling company DraftKings has agreed to pay a $10 million settlement to a group of NFT buyers that accused it of selling unregistered securities.

DraftKings has agreed to pay $10 million to settle a securities class-action lawsuit from buyers of its non-fungible tokens (NFTs) that the gambling company sold through its now-shuttered marketplace.

On Feb. 28, Boston federal court Judge Denise Casper granted a preliminary settlement motion filed days earlier on Feb. 26 by lead plaintiff Justin Dufoe and the class, which would settle all claims “for $10 million in cash.”

The settlement deal would see the $10 million split between the class action’s members. The deal also added that Dufoe anticipates later asking for a $50,000 award “for his time and effort litigating the case” along with attorneys’ fees of up to one-third of the settlement fund plus litigation expenses.

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