Japanese Bank Can't Escape Mt. Gox Bitcoin Class Action

Law360, New York (March 14, 2016, 3:49 PM EDT) -- An Illinois federal judge on Monday refused to dismiss a proposed class action accusing a Japanese bank of defrauding clients of the defunct bitcoin exchange Mt. Gox, but said the suit needs to either add a new named plaintiff or transfer to California.

U.S. District Judge Gary Feinerman denied Mizuho Bank Ltd.'s motion to dismiss allegations that the bank contributed to Mt. Gox's exchange by refusing to process outgoing transfers of investors' funds while continuing to accept deposits. Judge Feinerman found that the bank had connected itself to the scheme by accepting transfers it knew were made from California, but said...

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