Terraform Labs and its co-founders are facing a $57 million class action lawsuit in Singapore after the High Court rejected the defendants’ appeal to have the case dismissed.
The defendants, Terraforms Labs Pte Ltd, Do Kwon, Nikolaos Platias, and Luna Foundation Guard Ltd, earlier tried to shift the action to a confidential arbitration proceeding arguing that the terms of use on its website forfeits users’ rights to a trial. However, an Assistant Registrar found that the terms of use were located at inconspicuous parts of the website, and that there was insufficient emphasis of those clauses to users. An application by the defendants to stay in favour of arbitration was also denied due to the failure to establish an arbitration agreement between the company and the claimants.
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