T.I.’s good fortunes in the court of law continue as a class-action lawsuit against the rapper has been dismissed due to the statute of limitations under the Securities Act.
According to Courthouse News Service, documents filed in the U.S. 11th Circuit show on Monday (June 21), a three-judge panel presiding over the case ratified a judgment made by a lower court to dismiss the complaint against T.I., reversing a decision that would have cost the Grand Hustler a pretty penny.
The verdict was decided in a U.S. appellate court in Atlanta, following a September 2020 judgment in which Tip was ordered to pay $75,000 to Kenneth Fedance, an investor who claims the rapper and his former business partner Ryan Felton sold him $3,000 worth of unregistered FLik tokens in 2017. Fedance 2019 lawsuit accused T.I. and Felton of a cryptocurrency fraud scheme with three securities violations in the U.S. Northern District Court of Georgia. T.I was also ordered to not participate in offerings or sales of digital-asset securities for five years.
However, with the dismissal of the suit, it appears that Tip is in the clear and free to continue to stack his coins, no pun intended. T.I. has maintained his innocence while accusing Felton of an unfulfilled promise to him and other entrepreneurs of building an online streaming platform for creatives.
One judge, William Pryor, even mentions two of T.I.’s biggest hits in “You Know What It Is” and “Whatever You Like” in his final remarks, explaining Fedance’s failure to produce the proper amount of evidence to back up his claims.
“Anyone in Fedance’s position could say ‘You Know What It Is,’” he wrote on behalf of the panel. “In conclusory fashion, Fedance alleges that neither he nor putative class members could bring claims for the sale of unregistered securities within the one-year limitations period because Felton and Harris fraudulently concealed the facts necessary to reach the legal conclusion that FLiK Tokens were securities. But you cannot make fraudulent concealment mean ‘Whatever You Like.’”
By the sound of it, Fedance’s “Paper Trail” just wasn’t thick enough.