A lawsuit filed against stablecoin issuer Tether and its associated business Bitfinex has been dismissed by the Southern District of New York (SDNY) court.
Tether claims that Chief Judge Laura Taylor Swain’s ruling included an order dismissing the lawsuit.
Because there are no facts in the plaintiff’s complaint that indicate that “USDT had a diminished actual value at all,” the court correctly concluded that there were no “plausible allegations of injury.”
The fact that the whole class action complaint was dismissed so early in the proceedings emphasizes the fact that the plaintiffs’ allegations lacked any basis in law.
Be assured that Tether and Bitfinex are still completely committed to keeping our commitments to our clients and the community at large.
Tether Holdings reported last week that in the second quarter, its total excess reserves climbed by around 35% to $3.3 billion.
As part of Tether’s ongoing commitment to transparency, it also reports an increase in surplus reserves of over $850 million, bringing the total amount to nearly $3.3 billion at the end of the second quarter and bolstering the stability of Tether.