#USA #Class Action #Chicago #NFTs #DraftKings

Proposed Settlement for DraftKings NFTs

Kirby McInerney LLP recently announced a proposed settlement regarding a class action lawsuit against DraftKings Inc. This settlement is particularly important for individuals who have purchased, sold, held, or engaged in transactions involving DraftKings NFTs between August 11, 2021, and the date the judgment is entered.

Background of the Lawsuit

The class action lawsuit, titled Dufoe v. DraftKings, No. 123-cv-10524 (D. Mass.), claims that the NFTs traded on the DraftKings Marketplace should be classified as securities. According to the allegations, these NFTs were not registered in compliance with federal and state laws. Additionally, it is contended that the DraftKings Marketplace operates as a securities exchange and that DraftKings acts as a securities broker in its NFT transactions. Importantly, DraftKings has denied all wrongdoing associated with these claims.

What This Means for NFT Holders

Individuals who participated in any transactions involving DraftKings NFTs during the specified time frame might have their legal rights affected by this settlement. Those interested should carefully read the Notice of Class Action Settlement as it outlines their rights and options moving forward.

Options Available

1. Stay in the Settlement Class and File a Claim: To receive cash benefits from the settlement, affected individuals must submit a claim by July 21, 2025.
2. Opt-Out: Individuals can choose to exclude themselves from the Settlement Class. The deadline for this option is July 9, 2025.
3. Object to the Settlement: Individuals have the right to express their objections regarding the settlement.

Upcoming Court Decisions

A key date to keep in mind is the Final Approval Hearing, scheduled for July 30, 2025. During this hearing, the court will evaluate whether to approve the settlement. Those details can be found on the settlement's official website.

Financial Aspects of the Settlement

DraftKings has reportedly set a settlement amount of $10 million. Class Counsel may seek attorneys' fees amounting to one-third of the total settlement. Additionally, there may be costs not exceeding $100,000, along with a potential service award of up to $50,000 for the Lead Plaintiff.

Conclusion

As the case unfolds, it will be crucial for NFT holders and those involved in transactions on the DraftKings Marketplace to stay informed about their rights and the settlement process. Further details are available through the official settlement website at www.DraftKingsNFTSettlement.com or by calling (877) 883-9186.

Important Deadlines:

• - Claim Form Submission: July 21, 2025
• - Opt-Out or Objection Deadline: July 9, 2025
• - Final Approval Hearing: July 30, 2025 (subject to change)

Please note that individuals should not contact the court regarding this notice, as inquiries should be directed through the official channels detailed above.