Judge Dismisses Securities Claims Against Caitlyn Jenner’s JENNER

U.S. District Judge Stanley Blumenfeld Jr. of the Central District of California dismissed federal securities claims against Caitlyn Jenner’s JENNER meme coin on April 16, 2026, finding the token did not meet the common-enterprise requirement of the Howey test and entering a final judgment that closed the federal case.

The court granted defendants’ motion to dismiss the Second Amended Complaint in Naeem Azad et al. v. Caitlyn Jenner et al., Case No. 2:24-cv-09768. The opinion states the complaint did not plausibly allege that investors pooled resources or agreed to share profits and losses beyond buying the token itself.

Because the court concluded the common-enterprise element was not satisfied, it did not reach whether purchasers had an expectation of profits derived from the efforts of others. Federal securities claims were dismissed with prejudice as to the lead plaintiff, Lee Greenfield, and a separate final judgment terminated the federal proceeding the same day.

The class action, filed in November 2024, alleged Jenner promoted the token on social media using AI-generated imagery and messages that suggested profit potential. The complaint contended Jenner’s celebrity status and promotional activity created an expectation of profit among purchasers.

The complaint alleges Jenner launched JENNER on Solana on May 26, 2024 and later released the token on Ethereum. The original suit was brought by the Rosen Law Firm. An earlier complaint was dismissed on May 9, 2025 for failing to allege sufficient U.S.-based transactions; the amended complaint added Greenfield, a U.K. citizen described as suffering losses exceeding $40,000.

California state-law claims, including common-law fraud and quasi-contract, were dismissed without prejudice after the court declined to exercise supplemental jurisdiction. Those state claims and claims by other putative class members may be refiled in state court.

The case named Jenner and others, including her then-business manager Sophia Hutchins, who died in July 2025. Jenner’s lawyers maintained the token was not a security. Jenner described the lawsuit as meritless and established a legal defense fund.

The court applied the Howey framework used to determine whether an asset is an “investment contract” under federal securities law. No immediate appeal of the federal dismissal has been reported.