The court has finalized the dismissal of a class action lawsuit against BitFinex and Tether after the plaintiffs chose not to appeal the ruling. The lawsuit accused the companies of misleading consumers about the properties of Tether’s stablecoin USDT and falsely disclosing information about its reserves. The plaintiffs claimed that the stablecoin was not backed 1:1 as the companies claimed. However, the court ruled that the plaintiffs failed to provide sufficient evidence of actual reliance on the alleged false statements. The companies have published independent audit reports on the consolidated USDT reserves, with the majority held in U.S. Treasury bills.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Matthew Anderson, Shawn Dolifka |
| Companies | BDO, Tether, BitFinex |
| Currencies | US Dollar, Tether |
| Securities | None |
