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Digital Currency Group (DCG) Requests Consolidation of Two Class-Action Lawsuits

Digital Currency Group (DCG) Requests Consolidation of Two Class-Action Lawsuits

DCG claims that joining two lawsuits would help avoid contradictory rulings.

The Digital Currency Group (DCG) and its CEO, Barry Silbert, are seeking to amalgamate two class-action lawsuits tied to purported losses during the crypto downturn.

According to the letter directed to the US District Judge Stefan Underhill in Connecticut, the defendants claimed that both lawsuits “arise from the same facts, present overlapping legal issues and propose nearly identical class definitions.”

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Digital Currency Group underscored the need for unification to circumvent contradictory rulings and enhance judicial effectiveness. Moreover, the letter apprised Judge Underhill of their request to US District Judge Lewis Liman to relocate the case from New York to Connecticut. The letter read:

The motion will be fully briefed no later than June 13th, 2023, and, if Judge Liman grants the motion to transfer to this Court, Defendants intend to quickly move to consolidate both actions.

However, the move is being contested by the plaintiffs in Connecticut, who argue that it’s premature to rule until the New York case's relocation is approved. The plaintiffs anticipate resistance to the transfer from their New York counterparts, citing significant ambiguity concerning the nature and scope of the claims.

The Connecticut lawsuit claims that Silbert engineered a deceptive transaction to mask indicators of a $1.1 billion collapse following Three Arrows Capital (3AC) liquidation proceedings. The defendants are charged with securities fraud for allegedly making misleading or false statements.

As these lawsuits unfold, DCG has made the strategic decision to shutter its prime brokerage subsidiary, TradeBlock. DCG asserts that the decision is a reaction to the broader economic climate and the uncertain regulatory climate for cryptocurrencies in the United States.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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