A recent development in the legal battle against memecoin platform Pump Fun has seen a judge consolidate two separate lawsuits into a single case, representing all buyers of PNUT tokens. This decision by Judge Colleen McMahon merges the Kendall Carnahan case with the broader Diego Aguilar case, streamlining the legal process and ensuring all affected parties are represented in court.
Previously, Judge McMahon questioned the necessity of having two lawsuits and two lead counsels from legal firms Burwick Law and Wolf Popper. In response to this inquiry, she made Aguilar v. Baton Corporation Ltd., dba Pump.Fun the primary case and appointed Michael Okafor as the lead counsel. Okafor, who suffered significant financial losses from Pump Fun tokens, now represents the collective interests of all buyers involved in the lawsuit.
The decision to merge the lawsuits and appoint Okafor as lead counsel was met with opposition from Pump Fun’s legal team, Brown Rudnick, who argued that Okafor lacked standing to represent all token buyers. However, Judge McMahon stood by her decision, emphasizing the importance of efficient legal proceedings and fair representation for all parties involved.
Judge McMahon Addresses Attorney Fees
In addition to consolidating the lawsuits, Judge McMahon also addressed the issue of attorney fees, particularly in relation to the billing practices of Burwick Law and Wolf Popper. She expressed concern about potential inflation of legal costs and stated that any awarded fees would be reduced to account for overlapping work done by both firms.
While acknowledging the competence of Wolf Popper as securities lawyers, Judge McMahon stressed the need for efficiency in handling securities fraud cases. She set strict deadlines for both parties to file necessary documents and urged them to avoid unnecessary delays in the legal proceedings.
As the case moves forward, Burwick Law has until July 22 to file an amended lawsuit, with Pump Fun’s legal team given until September 5 to respond. Judge McMahon made it clear that she would not entertain requests to extend these deadlines, emphasizing her commitment to expediting the legal process.
The decision to consolidate the lawsuits and streamline legal proceedings marks a significant step forward in the legal battle against Pump Fun. With Michael Okafor at the helm as lead counsel, buyers of PNUT tokens can rest assured that their interests are being represented effectively in court.