Terra Vs SEC: Court Sets Pretrial Deadlines in Lawsuit
In the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Terraform Labs, significant developments have taken place. The court has established pretrial deadlines and procedures, coinciding with news of Terra co-founder Do Kwon’s extradition to the United States.
Court Orders Pretrial Deadline
– Judge Jed S. Rakoff has approved an order that outlines pretrial deadlines.
– The trial adjournment is scheduled for March 25, allowing both parties to prepare adequately.
– Oppositions to motions, depositions, and counter-designations must be completed by March 11.
– The SEC and Terra are required to submit a proposed consent order before March 18.
– Proposed jury charges must be submitted by March 18 as well.
– All requirements must be fulfilled within 48 hours of the pretrial deadline.
This court order follows the Montenegro court’s decision to extradite Do Kwon to the United States, overturning his extradition to South Korea.
Do Kwon in United States
– Do Kwon’s arrival in the United States is imminent, and he is expected to attend court proceedings.
– After being arrested in Montenegro in March 2023, he was sentenced to four months in prison while extradition proceedings were ongoing.
– Former Terra CFO Han Chang-joon was extradited to South Korea, but Do Kwon successfully appealed his extradition to South Korea based on certain ambiguities in the ruling.
– The US District Court of the Southern District of New York previously ruled that LUNA and MIR tokens are securities.
Hot Take: Court Proceedings and Extradition Implications
The recent court orders regarding pretrial deadlines signify progress in the SEC’s lawsuit against Terraform Labs and Do Kwon. With both parties given sufficient time to prepare, the trial date of March 25 approaches. Additionally, Do Kwon’s extradition to the United States further highlights the gravity of this legal battle. As the court ruling on LUNA and MIR tokens being classified as securities stands, the outcome of this case could have significant implications for the crypto industry. Stay tuned for further updates on this high-profile legal battle.
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