What happened?
Dolce & Gabbana USA Inc. has been dismissed from a class-action lawsuit regarding their involvement in a failed NFT project. A federal judge ruled that the U.S. branch is not an “alter ego” of its parent company, Dolce & Gabbana SRL, which was responsible for the NFT-focused “DGFamily” project. The decision means that Dolce & Gabbana USA is no longer part of this litigation.
Who does this affect?
This ruling affects both Dolce & Gabbana USA and the purchasers of the “DGFamily” NFTs who are part of the class-action lawsuit. While the lawsuit alleged that both the U.S. and Italian branches abandoned the NFT project, only the Italian counterpart remains involved in the legal proceedings. Customers who invested in the NFTs may still seek compensation from Dolce & Gabbana SRL despite the U.S. branch’s dismissal.
Why does this matter?
This legal development could impact the NFT market by highlighting the challenges and risks involved in digital asset projects. The case brings attention to the accountability of companies launching NFTs and the potential for litigation when projects do not meet expectations. The dismissal of Dolce & Gabbana USA might also influence how brands structure their international operations in relation to digital ventures to mitigate legal exposure.