US judge dismisses several lawsuits against Tether
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Answer US judge dismisses several lawsuits against Tether
The US District Court for the Southern District of New York has dismissed half of the class action lawsuits against Tether, the latter being the issuer behind the digital stablecoin Tether (USDt).
According press releaseJudge Catherine Polk-Faila dismissed the allegations of the Influential and Corrupt Organizations Act (RICO).
The court granted requests to both Tether and iFinex, which is the parent company, while rejecting allegations that the two companies were involved in manipulating the cryptocurrency market.
Tether Corporation commented in the press release issued through its official website, with the following:
Even for the remaining claims, the court order raises substantive issues that will eventually lead to the plaintiffs’ position being dismissed.
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With half their case now dismissed and shamed, and the lead law firm embroiled in its own internal war, with its current and former partners, this case is doomed.
This is not surprising given that the plaintiffs’ allegations are unfounded.
What shortcomings do lawsuits have to be dismissed?
Tether explained that Judge Faila had revealed many shortcomings in the plaintiffs’ claims, and this was demonstrated by the decision taken in this regard.
In fact, Judge Faila commented that Tether and Bitfinex investors cannot argue enough about these companies’ monopoly on the cryptocurrency stablecoin market.
The complaint filed in October 2019 alleges that iFinex has manipulated the crypto market by issuing Tether, helping to create a bubble in the cryptocurrency market.
Tether responded to the lawsuit by saying:
Bitfinex and Tether are looking to sue this case and will not settle the plaintiffs’ remaining unsubstantiated claims.
Litigation will expose this case for what it is, a clumsy attempt to grab funds, recklessly harming the entire cryptocurrency ecosystem.
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