News

A U.S. court in Miami has dismissed an amended complaint in the lawsuit that accused nine defendants including Kraken founder Jesse Powell, Bitcoin.com founder Roger Ver, Bitmain’s Jihan Wu, and a few open-source Bitcoin Cash developers of collusion. U.S. Magistrate Judge Chris McAliley dismissed the amended complaint under Federal Rule of Civil Procedure on March 31, 2021.

Cased Dismissed

Back in 2018, after the Bitcoin Cash (BCH) and Bitcoinsv (BSV) network split, a Florida-based blockchain company called United American Corp – “Unitedcorp (UAC)” attempted to sue a number of well known cryptocurrency veterans and developers. UAC and its lawyers said that the nine defendants were allegedly involved in a scheme in order to manipulate the cryptocurrency market for bitcoin cash (BCH). The court case went on for over two years and on February 3, 2020, Judge Chris McAliley dismissed the case against the defendants without prejudice, which meant that the firm could amend the complaint.

Now a new court filing shows that Judge Chris McAliley has once again dismissed the amended complaint under Federal Rule of Civil Procedure on Wednesday, March 31, 2021. McAliley discussed a number of the complaints UAC’s attorneys set out to argue and the Magistrate noted that the allegations did not plausibly suggest such transgressions.

United American Corp ‘Failed to Allege Facts’

UAC further accused defendants of “bid-rigging,” a form of horizontal price-fixing, but said, “UAC makes no argument that the exchange and developer defendants engaged in big rigging, and the court can imagine none.”

As far as the antitrust violation, McAliley’s order said that the argument had failed. “As stated, the court concludes UAC failed to allege facts that plausibly suggest defendants committed an antitrust violation. I, therefore, do not address whether UAC has adequately alleged that it has antitrust standing,” McAliley added.

The Miami judge concluded:

For the foregoing reasons, the court hereby grants [the] defendants’ joint motion to dismiss [the] first amended complaint under Federal Rule of Civil Procedure.

UAC can try to continue the case by making an appeal to the U.S. Court of Appeals for the Eleventh Circuit within 30 days. McAliley’s order further emphasized that “it would be futile to allow UAC to further attempt to state a claim that Defendants violated the Sherman Act— Accordingly, the court dismisses the complaint with prejudice,” the Miami judge added.

What do you think about UAC’s case being dismissed by a Florida Judge? Let us know what you think about this subject in the comments section below.

Tags in this story
Antitrust Case, Antitrust Lawsuit, BCH, BCH developers, BCH Devs, bitcoin cash BCH, Bitcoinsv (BSV), Bitmain, Chris McAliley, Court, Florida Lawsuit, Jesse Powell, Jihan Wu, Kraken, Roger Ver, Sherman Act, U.S. court, UAC, United American Corp, UnitedCorp

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Products You May Like

Articles You May Like

New Peer to Peer Exchange Provides Africans with an Alternative to Paxful
Charted: Uniswap’s UNI Sets New ATH At $45, Why It Could Extend Gains
Price analysis 5/7: BTC, ETH, BNB, DOGE, XRP, ADA, DOT, BCH, LTC, UNI
Tulsalabs Announces Integration Support for DATAX Data Protocol
What is Bitcoin Cash? – BCH Beginners Guide
FBI Puts Warning Signs on Bitcoin ATMs in This US County Following a Scam

Leave a Reply

Your email address will not be published. Required fields are marked *