Caitlyn Jenner Memecoin Lawsuit Tossed—But Plaintiffs Vow to Fight On

A U.S. judge has dismissed a class-action lawsuit against Caitlyn Jenner over her self-branded memecoin, JENNER, but the plaintiffs say the legal battle is far from over.

California District Court Judge Stanley Blumenfeld Jr. ruled on May 9 that all nine causes of action brought by the plaintiffs were legally insufficient, siding fully with Jenner and her manager, Sophia Hutchins. However, he granted the group permission to amend their complaint and refile by May 23, though he warned the new version must be “more focused and judiciously pleaded.”

Judge Dismisses Entire Case, But Leaves Door Open

The lawsuit, originally filed in November 2024, accused Jenner and Hutchins of fraud and selling unregistered securities through the JENNER token—launched via the memecoin platform Pump.fun on the Solana blockchain. The plaintiffs claimed they were “financially unsophisticated investors” who were misled by Jenner’s promotion of the token.

The court didn’t allow the class to swap its lead for a US-based member, adding it must report by May 16 on how the suit will proceed (highlights added for emphasis). Source: PACER

However, Judge Blumenfeld ruled that the case lacked factual support, particularly regarding U.S. securities law. The lead plaintiff, UK citizen Lee Greenfield, did not specify that his token purchases occurred in the United States, a requirement for bringing such claims under U.S. law.

Class Group to Continue Legal Pursuit

Despite the dismissal, the plaintiffs plan to revise and press forward. Attorney Jack Fitzgerald, a partner at Fitzgerald Monroe Flynn PC representing the group, told Cointelegraph they were "pleased the Court recognized we may be able to state some claims" and confirmed their intent to refile.

Multiple Claims Rejected

The court dismissed all eight additional claims brought in the amended February complaint, including:

• Misleading statements

• Sale of unregistered securities

• Common-law fraud

• Aiding and abetting fraudulent conduct

Judge Blumenfeld noted the plaintiffs didn’t point to specific false statements made by Jenner, nor did they establish that a fraudulent prospectus was used. The fraud allegations against Hutchins were also tossed due to a lack of a viable fraud claim.

Security Status of JENNER Undecided—for Now

While both parties disputed whether the JENNER token qualifies as a security, the court declined to rule on that issue at this stage. Judge Blumenfeld wrote that the determination is “fact-dependent” and may be revisited in an amended complaint.

From Launch to Collapse: The JENNER Token Timeline

The JENNER token debuted in May 2024 on Solana and quickly gained attention due to Jenner’s involvement. However, the token soon became embroiled in controversy when Jenner accused collaborator Sahil Arora of scamming her and other celebrities.

Jenner later relaunched the token on Ethereum, a move that plaintiffs argue devastated the value of the original Solana token—while Jenner reportedly earned a 3% fee on each Ethereum-based transaction.

Today, JENNER has lost virtually all of its value. According to CoinGecko, its market cap has plummeted from a June 2024 peak of $7.5 million to just $58,775, with a mere $61.10 in daily trading volume.

Summary:

A judge has dismissed all fraud and securities claims in the Caitlyn Jenner memecoin lawsuit, citing lack of evidence—but the plaintiffs will refile by May 23, keeping the legal battle over the failed JENNER token alive.