HGT Law Obtains Final Approval of Settlement in FEI/TRIBE Tokens Securities Class Action

On October 27, 2023, the Superior Court of California, County of San Francisco, issued an order granting final approval of a $17.85 million settlement of the FEI/TRIBE tokens securities class action (“Settlement”) commenced by HGT Law, alleging that Defendants Fei Labs, Inc., Joseph Santoro, Brianna Montgomery and Sebastian Delgado failed to comply with the registration requirements of the Securities Act of 1933 in conducting the sale of FEI and TRIBE tokens through the Fei Protocol during the Genesis Event. HGT Law previously obtained a preliminary approval of the settlement. See June 28, 2023 Announcement.

The Court certified a Settlement class comprising of: all persons who, directly or through an intermediary, purchased the digital assets “FEI” and “TRIBE” in exchange for ETH as part of the Genesis Group between March 31, 2021 and April 3, 2021, including those who “pre-swapped” their Genesis Group FEI token allocation for TRIBE tokens. The Court also appointed and designated HGT Law and two other law firms as Settlement class counsel.

The Settlement creates a $17.85 million fund that will pay the claims of class members who timely submit a valid Proof of Claim, after deduction of fees, costs, taxes, and other items as ordered by the Court.

Detailed information about the FEI/TRIBE Settlement is available at: www.feitribesecuritiessettlement.com.

For more information on the FEI/TRIBE class action and Settlement, please contact us at (646) 453-7288 or via email at info@hgtlaw.com.