Tether to File Motion to Dismiss Class Action Lawsuit Based on NYAG Claims
The company claims that plaintiffs cannot prove Tether transactions caused bitcoin’s surge or that damages were incurred.
A New York judge ordered Bitfinex and Tether to turn over financial documents to the New York Attorney General's office, but left the timing to the parties to coordinate.
Bitfinex and Tether shouldn’t need more than two months to produce documents about USDT issuances and past operations in New York first ordered 17 months ago, an NYAG lawyer argued in a letter Monday.
The NYAG has said Tether and Bitfinex have been cooperating in its inquiry, which is expected to progress more quickly once the documents are provided.
The New York Attorney General's office wants Tether and Bitfinex to immediately turn over documents detailing a $900 million line of credit.
The U.S. Securities and Exchange Commission (SEC) has charged Shopin and its founder Eran Eyal with fraud after a $42 million initial coin offering.