Tether scores win in class action case as court dismisses RICO claims

Tether scores win in class action case as court dismisses RICO claims


The judge in the class-action lawsuit filed in the Southern District of New York against stablecoin issuer Tether and crypto exchange Bitfinex has granted motions to dismiss many of the claims in the case.

According to court documents filed Tuesday in the Southern District of New York, District Judge Katherine Polk Failla has granted motions from Tether’s and Bitfinex’s parent company iFinex to dismiss key claims in the plaintiffs’ case that the two firms manipulated the crypto market. Altogether, Judge Failla granted motions to dismiss five complete claims and part of one, while denying six others.

Specifically, the judge said she would not allow investors to bring claims against Tether and Bitfinex under the Racketeer Influenced and Corrupt Organizations Act, or RICO, nor allegations related to racketeering or using the proceeds of racketeering for investments. She also said Tether and Bifinex investors could not “inadequately allege” the companies’ monopoly power in the stablecoin market.

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“This case is doomed,” said Tether in a Wednesday

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