PoolTogether Inc. and the members of the decentralized autonomous organization that operates the PoolTogether protocol won dismissal of a proposed class action alleging it’s an illegal lottery.
Lead plaintiff Joseph Kent lacks standing to sue because he hasn’t shown he suffered an injury caused by the defendants, Judge Frederic Block of the US District Court for the Eastern District of New York ruled Wednesday.
PoolTogether operates as a “no-loss lottery,” where users deposit money and forgo the interest that would be due on their money in exchange for a lottery ticket.
The court rejected Kent’s argument that his contributions earned ...
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