November 16, 2023

Positive Outcome for Tether (USDT) as Judge Dismisses Class Action Lawsuit

Tether, the largest issuer of stablecoins globally, has emerged unharmed from a recently dismissed class-action lawsuit, marking a significant legal triumph.

In a noteworthy legal development, Tether and Bitfinex, key players in the cryptocurrency sector, have successfully thwarted a class-action lawsuit brought against them. Plaintiff Shawn Dolifka alleged that Tether had been deceptive regarding its USDT reserves. Nevertheless, the US District Court for the Southern District of New York rejected the lawsuit.

Chief Judge Laura Taylor Swain turned down Dolifka's request to revise her complaint against the companies. Following this ruling, Dolifka opted not to appeal, thereby solidifying Judge Swain's decision in favor of Tether and Bitfinex.

In response to the outcome, Tether and Bitfinex issued an official statement. They described Dolifka's decision to initiate the lawsuit as "imprudent" but commended her choice not to pursue an appeal. The companies contended that Dolifka's allegations were entirely baseless, emphasizing that further litigation would yield no financial or other benefits for him or his legal representatives.

The statement concluded with a resolute declaration from Tether and Bitfinex:

β€œHere and going forward, as we have said many times before, Tether and Bitfinex will never fall victim to shameless money-grabbing lawsuits.”
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