Quantstamp, Status Research, Civic Technologies, HDR Global Trading and Kaydex all escaped monitoring after five securities-related cases were dismissed earlier this week in New York Courts.
Collective lawsuits denied
The five pledges proposed against crypto companies were voluntarily dismissed in the federal courts of New York without prejudice to any party, without any costs or attorney fees.
The five class actions dismissed on April 27 are part of 11 lawsuits filed a year ago by Selendy & Gay PLLCRoche Freedman Law firms. Lawsuits accused several crypto firms of harming the investor by selling digital assets allegedly unlicensed securities without a brokerage license, misleading investors, and engaging in market manipulation.
However, the plaintiffs were unable to provide strong evidence of the losses incurred to investors from the sale of unlicensed securities.
Lawsuits against Binance, Kucoin, Tron and HDR Global’s Bitmex are ongoing, according to court files.
In a blog post yesterday, Nancy Li, Marketing Director of decentralized identity firm Civic Technologies, welcomed the trial conclusion:
“The denial of this lawsuit marks the end of a long and arduous process for the Civic. Last year, the plus company continued to rely on us to prevail, not only in the name of Civic, but also in supporting the crypto ecosystem in general.
The ongoing lawsuit against China-based blockchain software developer Tron Foundation could result in similar consequences with allegations that the case was filed outside of the statute of limitations.