Bloomberg Law
June 25, 2020, 5:35 PMUpdated: June 26, 2020, 3:54 PM

Securities Suit Against Paragon Coin Forges Ahead (Corrected)

Holly Barker
Holly Barker
Legal Reporter

Paragon Coin, its founders and executives, and rapper Jayceon Terrel Taylor—better known as The Game—will have to face class allegations that Paragon defrauded thousands of U.S. investors who purchased digital “PRG tokens” during the company’s 2017 initial coin offering, the U.S. District Court for the Northern District of California said.

Judge Jeffrey S. White’s Wednesday order granted certification of a nationwide class of purchasers with respect to federal claims brought under the Securities Act of 1933, but denied certification with respect to California state law claims, concluding that the interests of non-California class members would be better served by the ...

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