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Author Topic: 1.4 trillion dollar class action lawsuit opened against Bitfinex and Tether.  (Read 26 times)
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October 07, 2019, 04:49:43 PM
 #1

Class action lawsuit against Bitfinex and Tether filed by lawyers who successfully sued Craig Wright.

* A class-action lawsuit was filed today against Bitfinex and Tether by the lawyers who successfully sued Craig Wright

* Bitfinex and Tether’s liability to the putative class allegedly surpasses $1.4 trillion U.S. dollars

* The lawsuit was filed in the Southern District of New York

Full Article - https://www.theblockcrypto.com/post/42299/class-action-lawsuit-against-bitfinex-and-tether-filed-by-lawyers-who-successfully-sued-craig-wright

 
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October 07, 2019, 07:35:30 PM
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* Bitfinex and Tether’s liability to the putative class allegedly surpasses $1.4 trillion U.S. dollars

$1.4 trillion? That's completely insane. The RICO charge adds triple damages, so that's the brunt of it. Let's see if the courts actually allow it to move forward as a RICO case:

Quote
Unfortunately for plaintiffs, there are onerous requirements for the complaint to show that there is enough evidence to allow the lawsuit to move forward as a RICO case. Judges take a dim view of efforts to turn what look like ordinary state law claims into federal cases by claiming a RICO violation. For that reason, RICO cases often don’t survive the pleading stage.

[...]

RICO lawsuits are tempting. They allow a plaintiff to sue a variety of defendants by claiming that they acted together and seek an award of triple damages, a bonanza in some business disputes that can run into millions of dollars. But these cases should also come with a bright red warning sign: Tread lightly or see your case thrown out of court before it even gets started.

Source: https://www.nytimes.com/2018/01/16/business/dealbook/harvey-weinstein-rico.html

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