Barry Silbert, CEO of venture capital firm Digital Currency Group (DCG), has requested the merger of two class action lawsuits over alleged losses during the crypto winter.
United States District Judge in Connecticut Stefan Underhill In the letter sent to , the defendants argued that both cases arose from the same facts, presented overlapping legal issues, and proposed nearly identical definitions of class. Defendants also argued that consolidation of cases would be necessary to avoid conflicting decisions and increase judicial efficiency.
Requested for Transfer of Case
Defendants, in their letter to Underhill, U.S. District Judge Lewis PortThey reported that they requested that they transfer the case to Connecticut in New York.
The letter sent by the defendants stated: “The petition will be fully summarized by June 13, 2023 at the latest, and if Judge Liman grants his motion to refer to this court, the defendants intend to act swiftly to consolidate both cases.”
Plaintiffs in Connecticut opposed the move, arguing in the letter that it was premature to rule before the transfer of the case in New York was approved.
The case in Connecticut, Barry Silbert’s Three Arrows Capital He claims that after . Defendants are accused of committing securities fraud for making misleading or false statements.
In the ongoing litigation process, DCG, its main brokerage subsidiary TradeBlock Decided to shut it down. According to the firm, this decision is due to the state of the broader economy and the uncertain regulatory environment for crypto in the United States.
