Berman Tabacco serves as co-class-counsel in this class action arising from GMO‑Z.com Trust Company, Inc.’s issuance and marketing of its proprietary GYEN crypto asset. Plaintiffs allege that although GMO Trust represented GYEN as a yen‑pegged, low‑volatility “stablecoin” backed 1‑to‑1 by Japanese yen—including on “partner” exchanges, such as Binance and Coinbase—GYEN in fact exhibited extreme volatility, fluctuating over 200% against the U.S. dollar during periods when the Japanese yen moved only about 7%. Plaintiffs allege that they and the proposed class purchased GYEN in reliance on these representations and were damaged when GYEN failed to maintain its stability.
On February 17, 2025, the Court denied GMO’s motion to dismiss the state‑law claims, allowing plaintiffs’ New York and California consumer‑protection causes of action to proceed. At the same time, the Court granted dismissal of the federal‑securities claim, holding that the GYEN token was not offered or sold as an unregistered security. During discovery, the parties reached an agreement to resolve the action for $6.75 million. Settlement and claims information can be found here, and a hearing on final approval is scheduled for May 27, 2026.