Judge Colleen McMahon has dismissed Burwick Law’s claims against Solana Labs, the Solana Foundation, and their executives in the ongoing Pump Fun lawsuit. A court filing disclosed Monday showed that McMahon granted some of Pump Fun’s motions to dismiss and denied others.
Some RICO claims survive while Solana-related claims are dismissed
The ruling preserved certain Racketeer Influenced and Corrupt Organizations Act, or RICO, allegations against Pump Fun parent Baton Corporation and its executives Noah Bernhard Hugo Tweedale, Alon Cohen, and Dylan Kerler. Those allegations accuse them of wire fraud, illegal gambling, and unlicensed money transmission.
Two of those allegations were brought by plaintiffs Carnahan and Okafor. RICO claims brought by plaintiff Aguilar were dismissed.
At the same time, the judge dismissed Burwick Law’s claims against Solana Labs, the Solana Foundation, and their executives as part of the same case.
FRED and GRIFFAIN were found not to be securities
McMahon also dismissed allegations that Pump Fun defendants violated the Securities Act by offering unregistered securities. The ruling said memecoins FRED and GRIFFAIN did not involve a “common enterprise” and therefore did not satisfy the Howey Test.
Crypto law firm founder Ariel Givner said the decision does not mean all memecoins are not securities. She said the ruling applies only where a memecoin does not offer a shared goal of profits rising for everyone.
Claims of unjust enrichment were also dismissed.
Court asks why 25 unnamed KOLs still have not been served
The judge also asked Burwick Law to explain why it has not been able to serve 25 key opinion leaders, or KOLs, since the lawsuit was filed in January 2025.
According to the complaint, the unnamed KOLs promoted Pump Fun tokens and, in some cases, “conceal[ed] both their compensation and their own preexisting positions in the tokens they promoted.”
Burwick Law has until September 10 to explain why those KOL claims “should not be dismissed for failure to identify and serve them.”
A previous filing named crypto influencer Scooter as one of those defendants. They later threatened to sue Burwick Law over possible defamation.
Solana Labs and Jito Labs were added last year
Burwick Law added Solana Labs and the Solana Foundation to the lawsuit more than a year ago, alleging that the two worked together to avoid US securities laws and extract capital from the US market.
It also argued that Solana’s crypto infrastructure provided “no investor protections, disclosure obligations, or legal accountability” during the memecoin frenzy and the losses tied to it.
Jito Labs was added as a defendant alongside Solana Labs. Burwick Law later voluntarily dropped Jito Labs from the case months afterward.