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JUST IN: Tether Files to Dismiss $1.4 Trillion Class Action Lawsuit

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    Tether has submitted an intent to file a motion to dismiss a class action lawsuit that alleges more than $1.4 trln in damages

JUST IN: Tether Files to Dismiss $1.4 Trillion Class Action Lawsuit
Cover image via www.123rf.com

Tether and its affiliate cryptocurrency exchange Bitfinex are seeking to dismiss a "frivolous" class-action lawsuit over alleged market manipulations. 

"Today, Bitfinex advised the U.S. District Court in the Southern District of New York of its intention to file a motion to dismiss the frivolous class action lawsuit filed last month."

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According to the defendants, the claims made by the plaintiffs lack required legal basis that would allow them to proceed further. Bitfinex points out that their accusations are based on an unpublished academic paper that has "key methodological flaws."     

As reported by U.Today, the lawsuit, which was filed on Oct. 7, accuses Tether and Bitfinex of large-scale market manipulations. Their liability allegedly reaches a staggering $1.4 trln in damages. 

Bitfinex CTO Paolo Ardoino states that the company's latest move is meant to shield the crypto industry.       

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Earlier this month, Tether addressed the updated version of the controversial research paper published by academics John Griffin and Amin Shams. The company vehemently denied manipulating Bitcoin prices while calling the updated study "an embarrassing walkback."  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security

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    Ripple makes a final push to dismiss the damning class-action lawsuit ahead of a court hearing that is scheduled for January 2020

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security
Cover image via 123rf.com

Ripple has once once again asked a federal court to dismiss the pending class-action lawsuit over selling illegal securities, a new court filing shows.

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The company reiterates the same "statue of repose" argument, which means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013, which means that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.    

The blockchain behemoth also continues to insist that XRP is not a security, but it called this issue "irrelevant" to their latest motion, which is why it didn't address this point in-depth. It's not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle. 

"XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff's claims still fail as a matter of law,” the filing said.   

Ripple's previous attempt to throw the suit out of the court didn't bode well. As reported by U.Today, Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The parties are expected to duke it out in court in January 2020.  

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XRP's status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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