TechFlow news, July 11 — According to the Snapshot governance page, the Lido community has voted in favor of a proposal titled "Designating an Entity to Respond to the Pending Class Action Lawsuit Against Lido DAO." The proposal states that a private plaintiff has filed a class action lawsuit against Lido DAO in the U.S. District Court for the Northern District of California, naming "LIDO DAO, a general partnership" as defendant, alleging violations of securities laws in offering or selling LDO tokens to the public. The court confirmed on June 27 that Lido DAO had been formally served with legal documents and must respond within 14 days, otherwise face a default judgment. The proposal appoints Dolphin CL, LLC to represent Lido DAO in court and file a motion to dismiss the lawsuit. It requests 200,000 DAI to cover associated legal expenses.
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