If you purchased certain products from GAW Miners or ZenMiner between August 1, 2014 and January 19, 2015, your rights may be affected by a class action settlement.
A proposed settlement has been reached in a class action lawsuit called Denis Marc Audet et al. v. Stuart Fraser et al., Case No. 3:16-cv-00940 (MPS) (the “Settlement”).
The lawsuit alleges that GAW Miners and ZenMiner (the “Companies”) made false and misleading statements to potential investors about defendants’ virtual currency mining operations. Plaintiffs allege that the Companies sold a progressive array of products and investment contracts to investors that they claimed would yield profits from mining or otherwise investing in virtual currency. Plaintiffs allege that, because the Companies sold far more computing power than they owned and dedicated to virtual currency mining, the Companies owed investors a return larger than any actual return the Companies were making on their limited mining operations. Plaintiffs allege that Mr. Fraser materially assisted the Companies and exercised control over them such that he is liable for any injuries caused by the misconduct allegedly perpetrated by the Companies described above. Mr. Fraser denies all allegations against him; however, both sides have agreed to the Settlement to avoid the cost of further litigation.
If the Court approves the Settlement, Mr. Fraser will fund a cash settlement fund of $3,500,000. Settlement Class Members will be eligible to receive payment from that cash fund, as further detailed in FAQ 8 - FAQ 11.
Your legal rights are affected whether or not you act. Please read the contents of this website carefully.
These rights and options—and the deadlines to exercise them—are explained in the Notice and on the Frequently Asked Questions page of this website. The deadlines may be moved, cancelled, or otherwise modified, so please check this website regularly for updates and further details.
The Court in charge of this case still has to decide whether to approve the Settlement. Payments will be made if the Court approves the Settlement and after any appeals are resolved. Please be patient.