In a recent development, the High Court of Singapore has rejected an appeal for the dismissal of a $57 million class action lawsuit against Terraform Labs and its co-founders. The defendants, Terraforms Labs Pte Ltd, Do Kwon, Nikolaos Platias, and Luna Foundation Guard Ltd, had attempted to move the case to a confidential arbitration procedure, arguing that website users had forfeited their right to trial based on terms of use present on the company’s platform.
However, this argument was dismissed by an Assistant Registrar. The decision highlights that these terms of use were situated in inconspicuous parts of the website with insufficient emphasis. Furthermore, the defendants’ petition to stay in favour of arbitration was denied, attributed to their failure in establishing an arbitration agreement between the company and the claimants.
Drew & Napier, Dentons Rodyk and Setia Law have been noted to be acting on the matter. For more in-depth coverage, refer back to the original piece.