Not Their Bag: Dolce & Gabbana USA Dismissed from NFT Fraud Case
Main Idea
Dolce & Gabbana USA has been dismissed from a class-action lawsuit alleging fraud related to the 'DGFamily' NFT project due to insufficient ties to the project, which was managed by its Italian counterpart.
Key Points
1. A federal judge dismissed Dolce & Gabbana USA from the lawsuit, ruling that the plaintiff failed to prove the company was involved in the 'DGFamily' NFT project.
2. The lawsuit alleges the 'DGFamily' NFT project was a 'rug pull,' with defendants accused of failing to deliver promised benefits after raising over $25 million.
3. The project was managed by Dolce & Gabbana SRL, the Italian parent company, not the U.S. branch.
4. The lawsuit was filed in May 2024 and amended in September 2024, targeting both the U.S. and Italian entities initially.
Description
Dolce & Gabbana USA Inc., the American branch of the Italian luxury fashion house, has been dismissed by a federal judge from a class-action lawsuit involving its NFT project. Dolce & Gabbana USA Was Not Behind Failed NFT Project According to a July 11 ruling from Judge Naomi Reice Buchwald of the Southern District of New York, Dolce & Gabbana USA Inc. is cleared from the high-profile litigation as it is not an “alter ego” of its parent company, Dolce & Gabbana SRL, which was in charge of the NF...
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