- Paolo Ardoino, the CTO of Tether, celebrated the recent judgment that dismissed a class action lawsuit against Tether.
- Earlier this week, the U.S. court dismissed the lawsuit filed by Shawn Dolfika against Tether and Bitfinex.
- Dolfika had alleged that Tether and Bitfinex had deceived investors about the reserves backing their USDT stablecoin.
Paolo Ardoino, the CTO of Tether, took to Twitter (X) today to celebrate the recent court judgment that worked in Tether’s favor. “Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District Of New York issued another incisive decision denying Shawn Dolifka’s request for leave to amend his meritless class action complaint filed against @Tether_to and @bitfinex companies,” said Ardoino in his post.
Earlier this week, the U.S. court dismissed the lawsuit filed by Dolfika against Tether and Bitfinex. According to the case, both exchanges had apparently tricked investors and falsely led them to believe untrue statements about the reserves backing their USDT stablecoin.
However, the judge presiding over the case, Judge Swain, declared that Dolifka tried to bring up arguments that were “already rejected” and were too speculative. The court believes that sufficient evidence was not provided to prove that they were misled. The judgment is pending but both Tether and Bitfinex believe that it will be in their favor.
It is to be noted that even though this particular case has been dismissed, the New York Attorney General is still conducting investigations on Tether, and the Commodity Futures Trading Commission has registered a civil enforcement action against Tether and Bitfinex.
However, Tether has decided to celebrate its victories, however small. In their latest blog post, the Tether team mentioned that the class action complaint being dismissed at this stage of the case underscores the fact that the plaintiff’s claims had no legal merit. “Now and in the future, as we have said many times before, Bitfinex and Tether will never fall prey to shameless litigation money grabs,” read parts of the post.
Plaintiffs and their attorneys who have attempted to bring these cases in the past—and any such individuals who attempt to bring these cases in the future—will all be left with the same amount: $0.
The Tether team also added that Tether and Bitfinex would continue to remain laser-focused on delivering on their promises and would ensure that their customers and community were always protected.