SEC Files Motion Against Terraform Labs and Luna Founder Do Hyeong Kwon

Key Takeaways

The U.S. Securities and Exchange Commission (SEC) has filed a motion against Terraform Labs PTE LTD. and Do Hyeong Kwon.

The SEC is seeking permission to notice Do Hyeong Kwon’s deposition or, alternatively, to preclude the defendants from using a declaration from Kwon in summary judgment.

The defendants’ response is due on September 26, 2023, at 12:00 pm.

Introduction

In a recent legal development, the U.S. Securities and Exchange Commission (“SEC”) has filed a motion in the United States District Court for the Southern District of New York. The motion is against Terraform Labs PTE LTD. and its associated individual, Do Hyeong Kwon. The case number is 1:23-cv-1346 (JSR), and the document was filed on September 22, 2023.

The Motion Details

The SEC is respectfully requesting the court to grant them leave to notice Do Hyeong Kwon’s deposition. In simpler terms, the SEC wants the court’s permission to formally request a deposition from Kwon. In the alternative, the SEC is asking the court to preclude the defendants from using any declaration from Kwon in their summary judgment. 

Deadline for Defendants’ Response

According to the court documents, the defendants’ response to the SEC’s motion is due on September 26, 2023, at 12:00 pm. Failure to respond by this deadline could have legal implications for the defendants.

Legal Representatives

The motion was submitted by Carina A. Cuellar, James P. Connor, Laura E. Meehan, Devon L. Staren, and Christopher J. Carney, who are admitted pro hac vice. They are representing the SEC in this case. The SEC’s office is located at 100 F Street NE, Washington, DC 20549, and their contact number is (202) 551-6274.

Certificate of Service

Carina A. Cuellar certified that the motion was filed through the Court’s CM/ECF system on September 22, 2023. This system will send notifications of the filing to all counsel of record.

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