Judge Decides To Dismiss Collective Lawsuit Against Tether
Tether (USDT), the largest global company specializing in stablecoins, has announced the dismissal of a legal case filed against it. As stated on an official blog, a comprehensive and concise six-page verdict has been issued by Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York.
The decision, jointly made with Matthew Anderson and Shawn Dolifka, entails a complete rejection of the class action lawsuit targeting Tether and Bitfinex corporations.
Although the company faced allegations of engaging in unlawful and misleading activities, the plaintiffs contended that Tether falsely represented its stablecoin as fully backed by sufficient U.S. dollar reserves and deliberately concealed the failure to pass routine audits.
The court ruled that the accusations lacked credible claims for damages as they provided no factual substantiation for the alleged decline in the intrinsic value of USDT. Tether has asserted that the early-stage dismissal of the collective lawsuit underscores the absence of legal merit in these assertions.
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