Tether Ltd. and Bitfinex are appealing to the U.S. Court of Appeals for the Second Circuit to review a district court’s certification of two investor classes in a lawsuit that accuses the firms of rigging the cryptocurrency market. The filing challenges the district court’s decision that allowed these groups to pursue claims on behalf of all affected investors. The suit contends that the alleged manipulation harmed investors, resulting in hundreds of billions of dollars in losses.
The appellate bid seeks to overturn the certification and potentially reshape how the case proceeds. The appeal challenges the court’s decision to permit claims on behalf of all affected investors, arguing that the class certification was improper. The filing seeks to overturn the certification and potentially reshape how the case proceeds, including the scope of any class-wide claims.
If the Second Circuit agrees, it could alter the trajectory of the litigation and affect the rights of investors who purchased digital assets tied to the firms. The appellate bid emphasizes procedural issues surrounding class certification and the broader implications for market participants in the crypto ecosystem.
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