SDNY Dismisses Tether and Bitfinex Class-action Lawsuits

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Last Updated on August 5, 2023 by Bitfinsider

According to the stablecoin issuer, U.S. District Court for the Southern District of New York Chief Judge Laura Taylor dismissed a class action complaint filed by Matthew Anderson and Shawn Dolifka against Tether and Bitfinex, citing a lack of “plausible allegations of injury.”

The complaint filed by Anderson and Dolifka centred on charges that Tether’s assertions about its stablecoin, USDT, being backed one-to-one by the US dollar were untrue.

“The dismissal of the entire class action complaint at this early stage of the proceedings underscores the fact that plaintiffs’ claims were devoid of any legal merit,” the stablecoin issuer noted in an official blog post.

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