Jason Gottlieb Quoted in Article Discussing $5 Billion Class Action Crypto Lawsuit
Morrison Cohen Partner Jason Gottlieb, Chair of the White Collar and Regulatory Enforcement Group and Digital Assets Group, was quoted in a recent Business Insider article regarding a lawsuit including Mark Cuban alleging that investors were duped into investing in a “Ponzi scheme.”
According to the lawsuit, millions of Americans were allegedly duped into investing in Voyager Digital’s crypto trading platform, which is now in Chapter 11 bankruptcy proceedings. Voyager allegedly had a five-year partnership with the Dallas Mavericks, under which a promotion promised fans $100 in Bitcoin for depositing $100 into the platform. The lawsuit alleges that promoting this platform has ultimately led to 3.5 million individuals losing $5 billion.
In the Business Insider article, Gottlieb noted that the case may not go to trial as a class action because of class certification problems. He said that a judge would have to certify that the named plaintiffs in the lawsuit are representative of over three million Americans.
Gottlieb also discussed the broader context of an increase in crypto litigation in recent times. “Any regular-world company that suffers big losses may be likely to attract the attention of plaintiff's lawyers, and crypto companies are no exception to that. In an interesting way, it's a bit of a 'more money, more problems' type of situation,” he said.
Read the Business Insider article here.
Contacts
- Jason P. Gottlieb Partner & Chair, Digital Assets; Chair, White Collar and Regulatory Enforcement
- jgottlieb@morrisoncohen.com
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Our Digital Assets Group represents some of the largest and most significant names in the sector, drawing upon our depth of experience and comprehensive understanding of cryptocurrency, DeFi, DAOs and NFTs.
