Judge Rochon dismisses Burwick Law’s LIBRA suit against Hayden Davis and others

A New York federal judge, Jennifer Rochon, dismissed Burwick Law's lawsuit against Hayden Davis and a group of related defendants over the launches of the M3M3 and LIBRA tokens. The dismissal was with prejudice, and the court denied plaintiffs Omar Hurlock and Anuj Mehta leave to file a second amended complaint, calling amendment futile.

Rochon's order granted three motions filed by the so-called Kelsier defendants (Hayden Davis, Kelsier Labs, Gideon Davis, Charles Thomas Davis), Benjamin Chow, and intervenor plaintiff Dynamic Lab. The ruling identified multiple, specific pleading failures:

• Meteora's status: The complaint did not adequately show that Meteora was an entity that could be sued under the claims presented. The court treated that failing as fatal to claims tied to Meteora.

• Personal jurisdiction: Plaintiffs failed to establish personal jurisdiction in New York over the Kelsier defendants.
• Act (RICO) claims failed because the alleged conduct across the roughly six-month span of token launches did not demonstrate the continuity required for a pattern of racketeering.

The court also found plaintiffs hadn't proved irreparable harm sufficient to justify some of the remedies they sought.

The lawsuit accused the defendants of coordinating insider trading and fraud tied to the December 2024 launch of M3M3 and the February 2025 public launch of LIBRA, a token associated with Argentine President Javier Milei. The plaintiffs said investors lost tens of thousands of dollars personally, and cited Nansen Research's finding that 86% of LIBRA investors lost over $250 million in aggregate.

A named crypto law firm founder, Ariel Giver, advised that the dismissal reflects pleading problems rather than a broader legal endorsement of memecoin activity. Giver said the plaintiffs sued the wrong thing, under the wrong statute, with the wrong facts. The court's ruling focuses narrowly on legal sufficiency rather than on factual innocence or culpability.

Minutes before a key hearing, a website called Libra Trust went live. It was created shortly after a prior freezing order was lifted and at one point redirected to unrelated content described as a "pure nudism" blog. The court's order and filings referenced efforts during litigation to avoid anonymization of LIBRA-linked funds, but the ruling found plaintiffs hadn't satisfied the legal standard for immediate, irreparable harm.

Because the dismissal was with prejudice and the judge denied leave to amend, the federal case as pled by Burwick Law is closed. The decision resolves the claims in that docket, but it does not foreclose other investigations or legal actions that might pursue different theories, jurisdictions, or evidence. The ruling is available in full in Judge Rochon's opinion for those who want to review the legal reasoning in detail.