Judge Colleen McMahon has dismissed Burwick Law’s claims against Solana Labs, the Solana Foundation, and its executives as part of the ongoing Pump Fun lawsuit. RICO allegations accusing Pump Fun’s parent company Baton Corporation and its executives of wire fraud, illegal gambling, and unlicensed money transmission were upheld. The judge also ruled that memecoins FRED and GRIFFAIN are not securities as they did not involve a « common enterprise » fulfilling the Howey Test. Burwick Law must explain by September 10 why claims against 25 unnamed key opinion leaders should not be dismissed for failure to identify and serve them.
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