The court ruled it “flawed as a matter of principle,” noting that “cryptocurrencies are, by their nature, volatile investments.”Binance’s limited strike-out application ultimately succeeded, with the court stating that even if some holders were unaware of the delisting, “they could never claim more than the total value of their holding before the delisting events plus any quantifiable consequential losses.”Related: Binance wants arbitration for all members of securities class suitBinance seeks to dismiss FTX lawsuitOn May 16, Binance filed a motion to dismiss a $1.76 billion lawsuit filed by the FTX estate, arguing that the claims are legally flawed and an attempt to shift responsibility for FTX’s collapse.
However, the court determined that those investors had ample chance to mitigate losses by selling or reinvesting in other crypto assets.“They had a duty to mitigate their losses,” wrote Master of the Rolls Sir Geoffrey Vos.“They cannot recover losses that they could reasonably have mitigated.”UK court ruling against Bitcoin SV investor’s lawsuit.
Source: CaselawRelated: Bitcoin SV investors attempt to resurrect 2019 Binance lawsuitCourt strikes down “loss of a chance” argumentThe appeal also challenged the Tribunal’s application of the “market mitigation rule,” arguing that such issues should be left for trial.
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Author / Journalist: Cointelegraph by Amin Haqshanas
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