The creator of the National Basketball Association’s Top Shot NFTs has agreed to pay $4 million to settle a lawsuit accusing it of selling unregistered securities.
Purchasers of Dapper Labs Inc.’s nonfungible tokens asked a federal judge to approve the settlement in a filing Monday in the US District Court for the Southern District of New York. They said the settlement represented a “highly favorable result.”
The lawsuit, filed in 2021, alleged Top Shot Moments—video clips of highlights from NBA games—were securities and should’ve been registered.
Judge Victor Marrero in February 2023 denied Dapper’s request to dismiss the case, finding ...
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