Members of the decentralized finance (defi) community are upset with Yearn Finance founder Andre Cronje over the mishap with Cronje’s secret Eminence (EMN) project. The Eminence protocol gathered $15 million before the project was ultimately hacked before the official launch.

According to a recent blog post published on Medium, a group of defi community members plan to sue Yearn Finance founder, Andre Cronje, and fork YFI as well. As news.Bitcoin.com recently reported, there’s been a lack of trust in Cronje’s work since an undercover project that didn’t even launch was drained for $15 million in funds.

The project was called Eminence (EMN) and after the incident, Cronje said he was lying low from social media.

“We are crowdfunding capital to finance a lawsuit against Andre Cronje, Kirby and Banteg over the EMN scandal on behalf of the victims,” explains the blog post written by the group dubbed ‘EMN Investigation.’ The team added:

Andre Cronje, the founder of Yearn Finance, hyped a surprise launch. Eminence Finance contracts were deployed by the Yearn Finance deployer, and Andre tweeted and retweeted as liquidity flowed in.

The investigation team says that Kirby, the head of communications at Yearn Finance, gave instructions on how to leverage the contracts and promoted Eminence prior to launch.

The group also accuses the Yearn Finance developer, Banteg, of “selling tokens bought from the contract to Uniswap right until the contracts were hacked.”

“The hacker drained the entire $15 million that had been locked up in liquidity by using a flash loan exploit,” the EMN investigation team detailed. “The hacker then returned $8 million to Andre, and was misappropriated.” The seething blog post is also filled with screenshots, tweets, and market charts that aim to bolster the group’s argument.

The investigation group is asking for ETH donations to

KEY POINTS

  • Nintendo is being sued by a boy and his mother over the “Joy-Con drift”
  • Their complaint alleged that Nintendo has not done enough to solve the issue and warn consumers
  • The mother said that the two sets of Joy-Con controllers she has bought both experienced the hardware problem

Nintendo is being sued once more over a hardware problem common among Nintendo Switch controllers.

A boy and his mother have filed a class-action lawsuit against the Switch maker alleging that Nintendo has not done enough to solve “Joy-Con drift,” Tech Radar reported. This problem involves the analog sticks on the controllers randomly moving around and inputting commands to the console even when nobody is moving them.

Luz Sanchez alleged in the complaint that a month after she purchased her son’s Nintendo Switch, the Joy-Cons were registering movements even when her son was not touching them. She claimed that the Joy-Con drift only got worse, and a year later, “the controllers became inoperable for general gameplay use.” 

The mother bought her son another pair of Joy-Cons, but Sanchez alleged that it also began to exhibit signs of Joy-Con drift seven months later.

Adding to Sanchez’s and other consumers’ problem with this issue is the fact that it costs $80 to purchase a new pair of Joy-Cons.

Nintendo has since offered to repair the Joy-Cons for free, but Sanchez’s lawyers believe Nintendo has been negligent in giving consumers fair warning regarding this issue.

“Defendant continues to market and sell the products with full knowledge of the defect and without disclosing the Joy-Con Drift defect to consumers in its marketing, promotion, or packaging,” reads Sanchez’s complaint.

Just a few weeks ago, French consumer group UFC-Que Choisir filed a planned obsolescence claim against Nintendo in Paris. Over 5,000 testimonies from consumers regarding the

(This story has been updated with additional information.)

FLINT, MI — A federal lawsuit filed on behalf of Flint children claims three companies that helped finance Flint’s participation in the Karegnondi Water Authority are partly responsible for the city’s water crisis.

The lawsuit, filed Wednesday, Oct. 7, in U.S. District Court, says J.P. Morgan Chase & Co., Wells Fargo Bank National Association, and Stifel, Nicolaus, and Company, Inc., pushed ahead with bonding to finance construction of a new water pipeline to Lake Huron while knowing the city would use the Flint River as its short-term source of drinking water and of the resulting hazards to residents’ health.

Without the bond financing, Flint would not have been able to join the KWA and tap into its new pipeline, the lawsuit alleges, the KWA would not have been able to start construction of the project, and the city would never have switched its water source to the river.

Flint was initial partner in the KWA, agreeing to buy a set amount of raw water from the new pipeline, but unlike Genesee County, the other primary partner, the city stopped purchasing pre-treated water from the city of Detroit before the pipeline was built, switching instead to treating its own river water during parts of 2014 and 2015.

The city’s change in water source triggered the water crisis, sending highly corrosive water through the distribution system, including thousands of lead and galvanized service lines to homes, causing elevated levels of lead and bacteria in tap water.

State appointed emergency managers were charged with running the city’s affairs at the time bonding was secured for the pipeline project.

“J.P. Morgan Chase, Wells Fargo, and Stifel knew … that the Flint River would be used as an interim source of drinking water for Flint for the

By Tom Sims

FRANKFURT, Sept 28 (Reuters)Pension funds for truckers, teachers and subway workers have lodged lawsuits in the United States against Germany’s Allianz, one of the world’s top asset managers, for failing to safeguard their investments during the coronavirus market meltdown.

Market panic around the virus that resulted in billions in losses earlier this year scarred many investors, but no other top-tier asset manager is facing such a large number of lawsuits in the United States connected to the turbulence.

In March, Allianz ALVG.DE was forced to shutter two private hedge funds after severe losses, prompting the wave of litigation the company says is “legally and factually flawed”.

Together, the various suits filed in the U.S. Southern District of New York claim investors lost a total of around $4 billion. The fallout has also prompted questions from the U.S. Securities and Exchange Commission, Allianz has said.

A spokesman for Allianz Global Investors said in a statement to Reuters: “While the losses were disappointing, the allegations made by claimants are legally and factually flawed, and we will defend ourselves vigorously against them.”

The plaintiffs are professional investors who bought funds that “involved risks commensurate with those higher returns,” the spokesman added.

The latest claims against Allianz and its asset management arm Allianz Global Investors last week include one from the pension fund for the operator of New York’s transport system, the Metropolitan Transportation Authority (MTA). It has 70,000 employees and made an initial investment of $200 million.

Similar suits have been filed against Allianz by pension funds for the Teamster labor union, Blue Cross and Blue Shield, and Arkansas teachers. The suits are seeking a jury trial to award damages.

The suits allege that Allianz Global Investors, in its Structured Alpha family of funds, strayed from a