A federal judge has dismissed a class-action lawsuit against Caitlyn Jenner regarding her JENNER memecoin, ruling the token was not a security. Judge Stanley Blumenfeld Jr. stated the lawsuit failed to show the token was an investment contract, as investor funds were not pooled for a common enterprise. The plaintiffs, who claimed losses of thousands of dollars, will not be allowed to amend the federal suit again.
A California federal judge has ruled that the JENNER memecoin launched by Caitlyn Jenner does not qualify as a security under U.S. law. Judge Stanley Blumenfeld Jr. wrote in a recent order that the lawsuit did not plausibly plead the tokens were investment contracts.
The order stated the defendants presented the token as an entertainment-focused memecoin whose value would rise through promotion. “Promotion alone, however, does not establish a common enterprise absent pooling or a structure linking investor fortunes,” the judge added. A group of buyers first sued Jenner and her late manager in November 2024, alleging losses from the token’s price collapse.
Blumenfeld initially tossed the suit in May 2025 for failure to state a claim. The plaintiffs then filed an amended complaint led by UK citizen Lee Greenfield, who claimed he lost over $40,000. The amended complaint argued investors pooled assets based on promises of token buybacks and donations.
The judge found the complaint heavily focused on planned donations to Donald Trump’s campaign but did not explain how that would provide investors a financial return. He also noted a plan for fractionalized ownership of Jenner’s gold medal was announced after Greenfield’s purchases and never executed. Blumenfeld denied allowing another amendment to the federal lawsuit.
JENNER was first launched on the Solana blockchain via Pump.fun in May 2024 before being relaunched on Ethereum. The token peaked at a market value of nearly $7.5 million in June 2024 but has since essentially lost all its value.
