US Judge Throws Out Antitrust Case Accusing BCH and Eight Others of Manipulation

US Judge Throws Out Antitrust Case Accusing BCH and Eight Others of Manipulation

A US court in Miami has thrown out an amended complaint in the lawsuit against nine defendants, including Kraken founder Jesse Powell, Bitcoin.com founder Roger Ver, Bitmain’s Jihan Wu, and a few open-source Bitcoin Cash developers of collusion. US Magistrate Judge McAliley dismissed the amended complaint per the Federal Rule of Civil Procedure on March 31.

In 2018, following the network split of Bitcoin Cash (BCH) and Bitcoin SV (BSV), Florida-based blockchain firm United American Corp (UAC) launched a lawsuit against some well-known cryptocurrency veterans and developers on the grounds of alleged market manipulation in favor of Bitcoin Cash. Two years after that, Judge Chris McAliley dismissed the case against the defendants against prejudice, allowing UAC to amend its complaint.

That said, a new court filing shows that Judge McAliley has, once again, dismissed the case. The Judge highlighted some of the complaints UAC attorneys set out to argue and noted that the proposed allegations did not suggest such transgressions in any way.

UAC’s Allegations Won’t Hold
Meanwhile, UAC also accused the nine defendants of “bid-rigging,” which is a form of horizontal price-fixing, and added that “UAC makes no argument that the exchange and developer defendants engaged in big rigging, and the court can imagine none.”

That said, as regards the antitrust violation, McAliley’s ruling noted that the argument was null. The Judge added that “as stated, the court concludes UAC failed to allege facts that plausibly suggest defendants committed an antitrust violation. I, therefore, do not address whether UAC has adequately alleged that it has antitrust standing.”

The Miami judge concluded that:

“For the foregoing reasons, the court hereby grants [the] defendants’ joint motion to dismiss [the] first amended complaint under Federal Rule of Civil Procedure.”

Nonetheless, UAC could try to pursue the case by making an appeal to the US Court of Appeals for the Eleventh Circuit within the next 30 days. However, McAliley’s decree emphasized that “it would be futile to allow UAC to further attempt to state a claim that Defendants violated the Sherman Act— Accordingly, the court dismisses the complaint with prejudice.”

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.