Description
Plaintiff sues BitMEX for allegedly profiting from its Insurance Fund at the expense of customers, intentionally triggering customer liquidations, causing server freezes to enable market manipulation at customers expense, and failing to disclose its secret proprietary trading desk it used to trade against its customers to its customers.
Legal Significance
The court referenced Williams v. Binance in its decision to deny the dismissal of a private litigation against BitMEX, which alleged violations of the Commodities Exchange Act (CEA). The court affirmed that the “Irrevocable Liability” test applies to private rights of action under both the CEA and the Securities Act.
Status
Motion to Dismiss
Case No.
1:20-cv-03232
Date Filed
April 23, 2020
Plaintiff
Brett MessiehDrew Lee
Defendant
HDR Global Trading LimitedABS Global Trading LimitedArthur HayesBen DeloSamuel Reed100x Holdings LimitedShine Effort Inc LimitedHDR Global Services (Bermuda)Greg Dwyer
Court
USDC Southern District of New York
Plaintiff Counsel
Freedman Normand Friedland LLPSelendy Gay PLLCCantor Fitzgerald
Defendant Counsel
Allen Overy Shearman Sterling US LLPAkin Gump Strauss Hauer and Feld LLPClark Smith Villazor LLPFoley Hoag LLPSheppard Mullin Richter & Hampton LLPBoies Schiller Flexner LLPLatham & Watkins LLPKaplan Hecker & Fink LLP
Major Filings
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