Solana News: Judge Clears Solana Labs as Pump.Fun RICO Case Proceeds
Solana News: Federal Court Rules on Pump.Fun Class Action
A significant piece of Solana News broke out of the Southern District of New York on August 31, 2026.
Judge Colleen McMahon ruled on three consolidated motions to dismiss in the Pump.fun class action, clearing the blockchain's core entities of every claim while letting narrower racketeering allegations against Pump.fun itself move toward discovery.
Solana Labs, Foundation, and Executives Cleared
The order removed every defendant tied to the underlying network from the case entirely. Judge McMahon threw out all claims against the company, its foundation, and five named executives: Anatoly Yakovenko, Raj Gokal, Dan Albert, Austin Federa, and Lily Liu.
Plaintiffs had tried to hold these parties liable for meme coins minted on Pump.fun, a launchpad built on top of the network they maintain. This part of the Solana news cycle draws a clear line between a base-layer protocol and third-party applications, at least in this court's reading.
Source: Official Report
RICO Claims Against Pump.Fun Move to Discovery
Not every defendant escaped. Counts I and II, alleging substantive and conspiracy racketeering violations, survive, but only as brought by plaintiffs Kendall Carnahan and Michael Okafor.
Those counts proceed against Baton Corporation Ltd., the operating entity behind Pump.fun, and three individuals: Alon Cohen, Dylan Kerler, and Noah Tweedale.
Every claim brought by lead plaintiff Diego Aguilar was rejected outright. The surviving allegations focus on an unlicensed money-transmission business and fraud, and this thread of the Solana News keeps developing as the case enters discovery.
Securities and Unjust Enrichment Claims Dismissed
Count III, alleging unregistered securities sales under Sections 5 and 12(a)(1) of the Securities Act, and Count IV, alleging control-person liability, did not survive.
The court rejected both the FRED and GRIFFAIN tokens under Rule 12(b)(6) and, as to the remaining eighteen pump tokens, for lack of class standing. Count V, unjust enrichment, was also thrown out under Rule 12(b)(6) against every moving defendant.
Every one of these dismissals is with prejudice, so plaintiffs cannot refile the same counts here, leaving this Solana News with a far narrower path forward.
Claim Status at a Glance
Here is how each count fared under the August 31 order:
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RICO, Counts I and II: proceeds to discovery, against Baton Corp, Cohen, Kerler, and Tweedale
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Securities Act, Counts III and IV: rejected with prejudice, no defendants remain
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Unjust enrichment, Count V: thrown out with prejudice, no defendants remain
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Claims by Diego Aguilar: rejected in full
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Claims against core network entities and executives: dropped entirely
Source: Official Report PDF
Unnamed KOL Defendants Face September Deadline
The complaint also names twenty-five unidentified "Lead KOL Doe Defendants," none of whom have been identified or served more than a year and a half after the case began.
Citing Federal Rule of Civil Procedure 4(m), Judge McMahon ordered plaintiffs to show cause by September 10, 2026, why these claims should not be dismissed, covering identification efforts, needed discovery, and any defendants located abroad. Failure to respond means automatic dismissal.
SOL Price Holds Near $102 Amid Solana News
SOL was changing hands around $102.33 at the time of this Solana News update, down a slim 0.24% on the day after briefly touching above $104 in the past 24 hours.
The token's market cap sat near $59.88 billion, off 0.19%, while 24-hour trading volume came in at $2.73 billion, a sharp 22.64% pullback from the prior session.
With a circulating supply of 585.2 million SOL against an uncapped max supply, the modest dip suggests traders are largely shrugging off the Pump.fun ruling rather than reacting sharply to it.
Note : Prices can change quickly, so figures may not reflect the latest value. Readers should check a live price tracker for current data.
Source: CoinMarketCap Chart
Conclusion
This Solana news confirms a federal court is willing to separate a blockchain's core organizations from claims about what third parties build on top of it, while still letting fraud-based allegations against a specific platform operator move forward. SOL traded near $102 following the ruling, with the case now shifting toward discovery on the surviving RICO counts.
YMYL Disclaimer: This article is for informational purposes only and is not legal, financial, or investment advice. Details are drawn from public court filings in Aguilar v. Baton Corporation Ltd. d/b/a Pump.Fun and may change as the case proceeds. Crypto markets are volatile; always do your own research before making decisions.
