According to Bloomberg, a New York court has rejected a $27.5 million settlement proposed by Block.one on the grounds that EOS issued by the company should be registered as a security sale. The ruling recognizes the needs of EOS holders. are underrepresented. Foresight News noted that in May 2021, investors in the EOS ICO filed a class-action lawsuit against Block.one and some of its executives, alleging that Block.one provided investors with false and misleading information about EOS, to raise billions of dollars through unregistered securities sales. In June of the same year, Block.one announced that it would pay $27.5 million to settle a class action lawsuit initiated by EOS investors, which was approved by the court.