The class-action lawsuit filed against Tether and Bitfinex ran its course once and for all after the plaintiff decided against appealing a recent ruling, according to a statement published by the stablecoin issuer.
“Following the order … of the U.S. District Court for the Southern District of New York denying Shawn Dolifka’s motion for leave to amend his meritless class action complaint filed against Tether and Bitfinex companies, Dolifka elected not to appeal the decision,” Tether said in its statement. “[The judge’s] dismissal of the lawsuit and judgment in favor of the Tether and Bitfinex companies is now final in all respects.”
Dolifka and fellow plaintiff Matthew Anderson had alleged in their lawsuit that Tether’s statements regarding its stablecoin, USDT, being backed one-to-one by the U.S. dollar, were false. The court dismissed the case in August.
Last month, in a third-quarter attestation report, Tether said its cash and cash equivalents accounted for 85.7% of its total reserves, the highest percentage ever. Tether also noted a “vast majority” of those reserves are U.S. T-Bills, which comprised $72.6 billion in both direct and indirect exposure.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.