New York court accepts class action against Magic Eden over ME token claims

A U.S. District Court for the Eastern District of New York accepted a class action on June 16 against Magic Eden, adding legal pressure to the NFT marketplace operator over statements tied to its ME token. Plaintiffs Jaime Pagan, Ariel Ruano, and Chris Sadowski allege the company and its executives falsely promoted ME as the "backbone of a growing online asset marketplace" but did not deliver on those claims, resulting in significant investor losses. The case centers on whether marketing around a platform token created misleading expectations about its utility and value within the broader marketplace ecosystem.