Investor Who Filed $4B Crypto Ponzi Suit Cut From Lead
Law360 (July 12, 2019, 2:20 PM EDT) -- A New York federal judge has denied two investors' bid to jointly lead a $4 billion lawsuit over an alleged cryptocurrency Ponzi scheme, handing the lead to the investor claiming greater losses rather than the one who filed the suit, saying the "unrelated" pair won't "function cohesively."
U.S. District Judge Valerie Caproni said Thursday that Christine Grablis and Donald Berdeaux lack a pre-suit relationship, suggesting they were "assembled as a makeshift." That concern was among several that led her to appoint only Berdeaux as lead plaintiff in the securities suit against the people behind OneCoin, alleged to be a sham cryptocurrency that...
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