A group of Caitlyn Jenner memecoin (JENNER) buyers plans to keep fighting legally after a California judge dismissed their class-action lawsuit against the former Olympian on May 9, 2025. Judge Stanley Blumenfeld Jr. ruled that the lawsuit failed to properly support claims of securities violations and fraud.
Jenner and her manager faced legal action in November 2024. Sophia Hutchins said that they misled the investors into buying the JENNER token, which the group claimed was an unregistered security.
As per the reports, the UK citizen Lee Greenfield said he lost over $40,000 on JENNER. However, the judge has noted that his purchases did not meet the U.S. requirement for securities law claims and lacked detailed information. The judge also dismissed fraud claims, as the lawsuit did not clearly show how Jenner’s statements, like X posts supporting the token, were fake. Claims against Hutchins for aiding fraud were also rejected.
The JENNER token, launched in May 2024 on Solana via Pump.fun, faced controversy after Jenner and others accused collaborator Sahil Arora of a scam. Jenner relaunched the token on Ethereum, which the plaintiffs said crashed the original token’s value while earning her a 3% fee per transaction. The token’s market value has since plummeted from a $7.5 million peak in June 2024 to about $58,775.
Judge Blumenfeld allowed the group until May 23 to refile an amended lawsuit but warned it must be clearer and more focused. Jack Fitzgerald, the group’s lawyer, stated that he is optimistic and will press forward. The court didn’t decide if JENNER is a security, as the claims failed on other grounds, but left the question open for future filings.
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