Tether’s Legal Victory: Class Action Lawsuit Against USDT and Bitfinex Dismissed

In a significant win for Tether and Bitfinex, the U.S. District Court for the Southern District of New York dismissed a class-action lawsuit filed against the prominent crypto companies. Chief Judge Laura Taylor Swain issued a decisive 6-page decision, noting that the plaintiffs’ complaint lacked plausible allegations of injury and failed to demonstrate any diminished actual value of USDT (Tether’s dollar-backed stablecoin).

In a blog post on Friday, Tether said that the dismissal of the entire class action complaint at this early stage shows that the plaintiffs’ claims lacked legal merit. Notably, the court ruled that there were no factual grounds to support the alleged loss of value in USDT.

Paolo Ardoino, CTO of Tether, confirmed further good news for the company, revealing that during the second quarter, Tether had acquired 1,529 Bitcoins, amounting to $45.4 million. This move follows their strategic approach of allocating up to 15% of their quarterly profits to Bitcoin.