Tether Deposits of $1B With UK Financial Firm Are at Center of High Court Battle: FT
Summary
Tether, a stablecoin issuer, is involved in a legal dispute in London's High Court over deposits exceeding $1 billion with a subsidiary of Britannia Financial. The investment bank is in a legal battle with Arbitral International over the alleged failure to fully pay for a Bahamas brokerage purchased from Arbitral in June 2021. Arbitral argues it is due additional money from business assets generated in the year following the sale, according to their agreement. However, Britannia maintains that the deposits made by Tether to its subsidiary are unrelated to the brokerage acquisition. Tether's assets, worth $86.4 billion, are mostly in U.S. Treasuries along with $5.2 billion in secured loans.
