According to ChainCatcher, a federal judge in California dismissed the class action lawsuit against the Dfinity Foundation, the development company of ICP. U.S. District Court Judge James Donato approved Dfinity's motion to dismiss, ruling that the case was "time-barred" due to exceeding the three-year statute of limitations under securities law.

The court supported Dfinity's argument that its first public offering of ICP tokens was in February 2017, and therefore the investor lawsuit in August 2021 was beyond the legal time frame.

The plaintiffs, represented by Freedman Normand Friedland LLP (formerly Roche Freedman), did not respond to the defendant's arguments. Thus, Judge Donato wrote that dismissing these claims was "warranted" due to the lawsuit being time-barred.