Solana Labs and Foundation Excluded from Pump.Fun Lawsuit

Solana Labs and the Solana Foundation have been excluded from the defendant list in the Pump.Fun class action lawsuit. A judge from the Southern District of New York granted some motions to dismiss and denied others on August 31. The case is titled 'Aguilar v. Baton Corporation Ltd. d/b/a Pump.Fun' with case number 1:25-cv-00880. The court dismissed claims against Solana Labs and the Solana Foundation but maintained some claims related to the Racketeer Influenced and Corrupt Organizations Act (RICO) against Baton and its co-founders. The court ruled that the meme coins FRED and GRIFFAIN traded on Pump.Fun did not meet the 'joint venture' requirement of the lower test, dismissing the claim of offering unregistered securities. Experts explained that this decision does not imply that all meme coins are not securities, but is specific to the facts and circumstances of this case. The court is also separately addressing claims related to 25 key opinion leaders whose identities have not been specified, requiring an explanation by September 10 for the failure to identify and serve them. The remaining issues involve the handling of RICO claims against Baton and some co-founders, as well as claims against unidentified promoters.

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