GMO Trust Reaches $6.75 Million Deal in Yen-Linked Coin Suit (1)

GMO-Z.com Trust Co. will pay $6.75 million to purchasers of its purportedly yen-pegged “stablecoin” to resolve allegations the Japanese issuer deceived them about its stability.

The “GYEN” buyers leading the case sought preliminary approval of the deal Tuesday, and class status of those who acquired tokens between Dec. 29, 2020 and Oct. 10, 2025 in New York or California while it was unpegged from the yen and lost money. The buyers had adequately alleged deceptive business practice claims against GMO Trust, a subsidiary of GMO Internet Group Inc., but failed to plead the coin was a security, US District ...