Longfin Investors Secure $223M Judgment In NY Fraud Case
Law360 (July 30, 2020, 6:25 PM EDT) -- A Manhattan federal judge on Wednesday handed a win to investors in shuttered cryptocurrency company Longfin Corp., determining that the company should have to pay more than $223 million in connection with alleged securities fraud.
In her July 29 order and opinion, U.S. District Judge Denise L. Cote determined that Longfin, its chief executive Venkata Meenavalli, its chief financial officer Vivek Ratakonda and Suresh Tammineedi, the director of two related companies, together owe $223,037,680, plus pre- and post-judgment interest.
Lead plaintiff Mohammad A. Malik moved for default judgment in the matter in January, arguing that the defendants had "willfully defaulted, and...
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