April 15, 2020 MakerDAO users to sue Maker Foundation.

MakerDAO users are set to file a class-action lawsuit against the Maker Foundation following the infamous liquidation failure that occurred on March 12. Reporting indicates that the suit will be filed on Wednesday and may represent up to 3,000 MakerDAO users in the Northern District Court of California. According to the suit the Maker Foundation, Maker Ecosystem Growth Foundation, and the Dai Foundation “intentionally misrepresented the risks associated with CDP ownership” which subsequently led to a total loss of $8.325 million for the users. The lead plaintiff, Peter Johnson has filed negligent misrepresentation, intentional misrepresentation, and negligence counts against the defendants. Johnson has stated that he will be looking to secure $20 million in damages in addition to the $8.325 million sum as well as any interest and miscellaneous costs. The Maker Foundation is aware of the lawsuit but has not provided any specific comments as yet.