Skadden obtained the voluntary dismissal of a putative class action against Jito Labs, Inc. and its CEO. The plaintiffs, users of the Pump.fun cryptocurrency platform operating on the Solana blockchain, asserted claims against Jito Labs and the other defendants for purported RICO violations, violations of New York’s consumer protection laws and unjust enrichment. Specifically, the plaintiffs alleged that Jito Labs joined in a purported RICO enterprise with Pump.fun and the Solana entities to enable early buyers, insiders and bots to manipulate cryptocurrency transaction ordering at the expense of retail users. On September 5, 2025, Skadden filed a motion to dismiss the consolidated amended complaint as to Jito Labs on multiple grounds, including that the plaintiffs failed to plead that Jito Labs had any relationship with, involvement in or control over the Pump.fun platform. On September 26, 2025, the plaintiffs agreed to voluntarily dismiss their claims against Jito Labs and its CEO, who had not yet been served, without any settlement payment or other consideration. The court so-ordered the dismissal on September 30, 2025. The Skadden team included Alexander Drylewski.
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates