According to information shared on Tether’s official blog, today is a comprehensive and sharp 6-page decision that includes an order by U.S. District Court Judge for the Southern District of New York, Laura Taylor Swain, Matthew Anderson and Shawn Dolifka to completely reject the class action brought against Tether and Bitfinex companies. published.
While the company was accused of “illegal and deceptive” practices, the plaintiffs claimed it lied about the stablecoin being fully backed by adequate dollar reserves and “hidden” the information that it failed routine inspections.
The court ruled that the plaintiffs’ complaint lacked “reasonable damage claims” as it contained no factual evidence of the “decreased intrinsic value of USDT.”
According to Tether, the dismissal of the entire class action application at this very early stage of the litigation highlights the fact that the plaintiffs’ claims lack any legal value.
*Not investment advice.