Stablecoin issuer Tether deposits of more than $1 billion with a financial services firm are at the center of a legal battle in London’s High Court, the Financial Times reported on Tuesday.
Tether deposited the funds with a subsidiary of investment bank Britannia Financial, according to the report, which cited filings made in the High Court.
Britannia Financial is engaged in a legal dispute with British Virgin Islands-registered Arbitral International, which alleges that Britannia failed to pay the full price for a Bahamas brokerage it bought from Arbitral in June 2021.
Arbitral says it is entitled to extra money from assets generated by the
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