Johnson v. Maker Ecosystem Growth Holdings, Inc. et al.

What is the Lawsuit About?

A settlement has been reached in a class action lawsuit against Defendant Maker Ecosystem Growth Holdings, Inc. nka Metronym, Inc. (“Metronym”). Plaintiff Peter Johnson (“Plaintiff,” together with Metronym, referred to herein as the “Parties”) alleges that Metronym represented to users of the Maker Protocol that users’ collateral in their Collateralized Debt Positions (“CDP”) or Vaults would be protected through a fair market auction mechanism, when it in fact did not work that way, resulting in losses to hundreds of users on March 12 or 13, 2020. Metronym denies these allegations.

Who is Included in the Settlement Class?

You may be a Settlement Class Member if you had a CDP or Vault on the Maker Protocol and were forced to liquidate your ETH on March 12 or 13, 2020, and received zero compensation – meaning $10/ETH or less – as part of any related auction.

What Does the Settlement Provide?

If approved, a Settlement Fund will be created totaling up to $1,160,000.00. Settlement Class Members’ cash payments will come out of this Settlement Fund. Plaintiff’s counsel may pay up to $100,000.00 for the costs to administer the Settlement and to inform people about the Settlement. Class Counsel’s attorneys’ fees and costs, up to $400,000.00 (30% of the Settlement Fund plus reimbursement of costs), will be paid from the Settlement Fund, as approved by the Court. A detailed description of the settlement benefits can be found in the Stipulation of Settlement (the “Settlement Agreement”), a copy of which is accessible on the Settlement Website at www.MakerProtocolSettlement.com. In exchange for these benefits, Settlement Class Members will release (i.e., discharge) Metronym from all claims of liability relating to the events of March 12 and 13, 2020 that were made or could have been made in the Lawsuit or in other legal proceedings or forums. These releases are set forth in specific detail in the Settlement Agreement.