Tether And Bitfinex Triumph As Judge Dismisses Class Action Lawsuit

Tether And Bitfinex Triumph As Judge Dismisses Class Action Lawsuit

Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District Of New York has delivered a significant legal victory for Tether and its sister company Bitfinex by dismissing a class action lawsuit against them. The lawsuit, brought forth by Matthew Anderson and Shawn Dolifka, targeted Tether’s claims regarding the backing of its stablecoin, USDT, alleging that these statements were false and misleading. According to the court, the complaint failed to present evidence demonstrating that USDT had suffered a diminished actual value. This ruling sheds light on the robustness of Tether’s legal position and underscores the inadequacy of the plaintiffs’ claims. Tether, in response to the favorable decision, shared its satisfaction through an official blog post. The post highlighted that the dismissal occurred at an early stage of the legal proceedings, emphasizing the absence of legal merit in the plaintiffs’ allegations. He stressed that the court had correctly recognized the lack of plausible allegations of injury and the absence of evidence supporting the claim that USDT’s value had diminished.