Crypto Co. Says It Can't Afford Recently Inked $250K Deal

Law360 (May 13, 2020, 2:20 PM EDT) -- Digital asset startup ATBCoin LLC backtracked on its proposed $250,000 settlement with investors Tuesday, telling a New York federal judge that it can no longer afford the amount agreed to last month.

Lead plaintiff Raymond Balestra asked the court in April to preliminarily approve the all-cash deal, which would resolve claims that ATBCoin and its co-founders Edward Ng and Herbert W. Hoover conducted an unregistered securities offering in 2017.

In the brief Tuesday letter to U.S. District Judge Vernon S. Broderick, ATBCoin's attorneys at Reitler Kailas & Rosenblatt LLC said the about-face was "due to a change in circumstances," and added that the...

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