2nd Circ. Revives Fraud Suit Over $38.6M Helbiz Crypto ICO
By Dave Simpson (October 4, 2021, 10:53 PM EDT) -- The Second Circuit revived a suit Monday alleging that the executives behind the failed cryptocurrency Helbiz raised $38.6 million through the sale of its coin and promises to innovate urban transportation rentals, only to renege on the promise and decline to return the money to the original buyers.
In a unanimous, unpublished decision, the panel said that the New York federal court was wrong to apply the U.S. Supreme Court's 2010 case Morrison v. National Australia Bank, which limits the application of Section 10(b) of the Securities Exchange Act to transactions listed on domestic exchanges and domestic transactions in other securities....
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