Plaintiffs File New, Slimmed Down Complaint in Class Action Lawsuit Against Tether
Plaintiffs in a class action lawsuit against Tether and Bitfinex filed a new complaint in the Southern District of New York, accusing the companies of manipulating crypto markets and violating antitrust laws. The complaint alleges a scheme to inflate cryptocurrency prices by issuing Tether's stablecoin without full backing, driving up demand and facilitating trading on credit. The lawsuit includes causes of action for violating the Commodities Exchange Act and the Sherman Antitrust Act. Tether's spokesperson dismissed the claims as without merit. The case has faced challenges, including the removal of the original plaintiffs' counsel. Lead plaintiffs are U.S.-based crypto traders, and the case includes chat and deposition logs from the companies' operators allegedly admitting to manipulative actions. Tether and Bitfinex previously opposed the plaintiffs' motion to amend their complaint but were ultimately granted leave to file the second amended complaint.
