R3 Consortium’s Seven Big Banks Settle a US$324 Million Lawsuit
Seven member banks of the R3 consortium, an association of the world’s leading banks and financial institutions for Blockchain research, have come to a consensus to settle a US$324 million U.S lawsuit. It has been filed for manipulating an interest rate benchmark in the $553 trillion derivatives market. Jesse Furman, US District Judge, says: "It appears that this sort of rate manipulation can be both economically sensible and feasible given that many banks have admitted in approximately the same period of time, they conspired to fix similar benchmark rates - namely, Libor and the....
Related News
Earlier this week, the U.S. Securities and Exchange Commission (SEC) charged and settle a lawsuit with socialite and billionaire Kim Kardashian for allegedly withholding information about promoting EthereumMax. The influencer received $250,000 as compensation for leading her 330 million Instagram followers to a website whey they might have purchased the cryptocurrency. Related Reading: By The […]
It’s been 171 days since the US Securities and Exchange Commission (SEC) challenged XRP and Ripple Labs directly by filing a lawsuit against them. There have been a slew of motions and memorandums exchanged so far, but no clear winner has emerged. Every court judgement has had and will continue to have far-reaching repercussions in […]
Lawsuits against Mt. Gox, the now-defunct bitcoin exchange that 'lost' upwards of 700,000 BTC belonging to clients, are growing. New reports indicate that a proposed class-action lawsuit in Canada will seek $500 million for former investors that used Mt. Gox before it tumbled last month. The lawsuit, which targets the exchange, it's owner (Mark Karpeles), and one of the largest banks in Japan (Mizuho Bank), alleges the company was negligent, breached contract, and acted under fraudulent misrepresentation, according to Yahoo Finance Canada. "We're never going to find out what's going on....
Amid the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC), Ripple’s legal team reportedly said that they have no plans to settle with the securities watchdog. They are confident that SEC Chairman Gary Gensler will be convinced that pursuing the case is picking winners and losers in the crypto business to the detriment of innovation.
No Plans to Settle With SEC, Says Ripple’s Legal Team
Ripple’s legal team told Fox Business that it has no plans to settle the lawsuit with the U.S. Securities and Exchange Commission (SEC), Charles....
The plaintiffs in a class action lawsuit filed after the collapse of Florida digital currency exchange Cryptsy are moving to settle with one of its defendants. Lorie Ann Nettles, the former spouse of Cryptsy CEO Paul Vernon, was named as a co-defendant in the class action, which was initiated in January. The lawsuit was filed after the now-defunct exchange claimed that it had been hacked two years prior, leaving it with millions of dollars in customer liabilities. Cryptsy’s collapse followed months of growing problems with customer withdrawals. Vernon later claimed that the exchange's....