The ruling narrows the scope of the NFT class action lawsuit, excluding Dolce & Gabbana USA due to insufficient ties to the DGFamily platform.
A federal judge has acquitted the famous American subsidiary of the Italian luxury fashion house, Dolce & Gabbana USA Inc. , from a class-action lawsuit involving its NFT project .
Dolce & Gabbana USA Was Not Behind the Failed NFT Project
According to a ruling issued on Friday, July 11, by Judge Naomi Reice Buchwald of the Southern District of New York, Dolce & Gabbana USA Inc. was acquitted of the sensational litigation because it is not an “alter ego” of its parent company, Dolce & Gabbana SRL, which was responsible for the DGFamily project focused on NFTs.
The official document states:
“The Court finds that the appellant has not adequately demonstrated that D&G SRL completely dominated D&G USA, even though D&G SRL would have shared some employees and office space with D&G USA.”
Judge Reice concluded his sentence by adding:
“For the reasons stated above, D&G USA’s motion is granted.”
NFT project DGFamily criticized as a scam in a lawsuit
The lawsuit was filed in May and then amended in September 2024. The lawsuit alleges that Dolce & Gabbana US and its Italian counterpart abandoned the DGFamily NFT project , withholding customer funds.
According to Dolce & Gabbana's website, DGFamily was expected to provide access to exclusive collaborations, digital wearables, physical products, and company-hosted events.
The case documents state:
“All of the defendants’ false statements and omissions were material because they were intended to induce the public to purchase unregistered securities (DGFamily products).”
The complaint continues by adding:
“Either through incompetence or greed, the defendants failed to fulfill the promises made in exchange for the purchase of their digital assets and abandoned the cryptocurrency project, retaining the more than $25 million used to fund the project.”
Now that the U.S. subsidiary has been released from the litigation, it is not yet clear how the lawsuit will proceed for the parent company.
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