Singapore Court Limits Payouts in Terraform Labs Class Action

The Singapore International Commercial Court issued a ruling in a class action suit brought against Terraform Labs and its co-founders, according to a court document and statement.

• The class action was filed by Julian Moreno Beltran and Douglas Gan Yi Dong on behalf of approximately 370 purchasers claiming over $91 million in losses related to the May 2022 de-pegging of UST, an algorithmic stablecoin
• “Each favorable development, such as this preliminary ruling, strengthens our position toward ensuring equity amongst allowed creditors and recovery of assets from parties who directly or indirectly caused or benefitted from the collapse of Terraform Labs,” ...