A federal judge dismissed all claims against Solana Labs, the Solana Foundation and their named executives in the Pump.fun class action, while allowing substantive RICO and RICO conspiracy claims against operator Baton Corporation Ltd. and founders Alon Cohen, Dylan Kerler and Noah Tweedale to proceed. Judge Colleen McMahon of the U.S. District Court for the Southern District of New York issued the 79-page ruling on August 31, granting defendants’ motions to dismiss in part and denying them in part. The case began in January 2025 over allegations that Pump.fun favored insiders through advance token positions, coordinated promotion and sales into retail demand; plaintiffs estimate retail traders collectively lost $4 billion to $5.5 billion. Securities claims involving FRED and GRIFFAIN, the two tokens the named plaintiffs purchased, were dismissed with prejudice because the complaint did not establish a common enterprise under Howey. Claims involving 18 other tokens failed because the plaintiffs lacked standing to pursue tokens they had not bought. The court also rejected the gambling theory, but found that wire-fraud allegations and their connection to transaction-fee losses were adequately pleaded against the Pump.fun defendants. Plaintiffs must address the status of 25 unidentified Lead KOL defendants by September 10. Pump.fun is continuing to develop its platform, including mobile-app limit orders with take-profit and stop-loss functions on Solana.