Last updated on August 8, 2023
A class action lawsuit filed against cryptocurrency firms Tether and Bitfinex was dismissed on Friday by a federal judge in New York. The judge, Laura Taylor Swain of the U.S. District Court for the Southern District of New York, ruled that the complaint lacked plausible claims of injury and failed to show that Tether’s stablecoin USDT had diminished in value.
Judge Dismisses Market Manipulation Case Against Bitfinex and Tether
A high-profile class action lawsuit filed against cryptocurrency firms Tether and Bitfinex was dismissed on Friday by Chief Judge Laura Taylor Swain. The lawsuit, originally filed in October 2019, accused Tether and Bitfinex of market manipulation through the issuance of unbacked USDT stablecoins. Tether is the company that issues USDT, which is pegged to the U.S. dollar, while Bitfinex is a cryptocurrency exchange that shares common owners and executives with Tether.
In her ruling, Judge Swain wrote that the complaint included no facts showing that USDT had a diminished actual value at any time and lacked any plausible allegations of injury. Tether welcomed the dismissal, stating that the claims were without legal merit and that the company remains committed to its customers and the cryptocurrency community.
The plaintiffs have the option to file a motion to amend their complaint within 21 days to address the issues cited by Judge Swain. If no motion is filed, the claims will be dismissed without further notice due to lack of jurisdiction. This development comes after Tether’s recent assurance report, which revealed a reserve increase of $850 million in the second quarter of 2023.
What are your thoughts on the dismissal of the case against Tether and Bitfinex? Share your opinions in the comments section below.
Hashtags: #Tether #Bitfinex #lawsuitdismissed #cryptocurrency
SEO Keywords: Tether, Bitfinex, cryptocurrency, class action lawsuit, market manipulation, USDT, dismissal, federal judge, New York, Laura Taylor Swain
Keyphrase: Tether and Bitfinex class action lawsuit dismissed
Image: https://weeklyfinancenews.online/wp-content/uploads/2023/08/elon-4.jpeg
Comments are closed.