U.S. District Court Dismisses Class Action Lawsuit Against Tether and Bitfinex
A class action lawsuit against Tether and Bitfinex has been dismissed by U.S. District Court Chief Judge Laura Taylor. The lawsuit was filed by Matthew Anderson and Shawn Dolifka, who claimed that Tether’s statements about its stablecoin, USDT, being backed by the U.S. dollar were false. However, the court ruled that there were no “plausible allegations of injury” and dismissed the case.
Key Points:
- The lawsuit against Tether and Bitfinex has been dismissed by U.S. District Court Chief Judge Laura Taylor.
- Plaintiffs Matthew Anderson and Shawn Dolifka alleged that Tether’s claims about USDT being backed by the U.S. dollar were false.
- The court ruled that there were no “plausible allegations of injury” and dismissed the case.
- Tether and Bitfinex CTO Paolo Ardoino celebrated the dismissal of the lawsuit on X (formerly Twitter).
- Tether reported a net profit of $850 million in the second quarter.
Your Hot Take:
This dismissal of the class action lawsuit is a significant victory for Tether and Bitfinex. It reaffirms their claims about USDT being backed by the U.S. dollar and demonstrates that the plaintiffs’ allegations lacked legal merit. The ruling also highlights the continued success of Tether, as evidenced by their impressive net profit in the second quarter. As a crypto reader, this news should give you confidence in Tether’s stability and legitimacy as a stablecoin.
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