Morrison Cohen Mentioned in Press for Defending Crypto Clients in Cutting Edge Litigation
Morrison Cohen was recently mentioned in Law360 and Reuters regarding the firm’s defense of cryptocurrency software developers against a proposed class action after hackers stole $55 million from a software protocol that they had previously helped create. The outcome of the litigation in the nascent digital assets space could be precedent-setting in determining who bears responsibility in decentralized and autonomous organizations (DOAs) when the enterprise is harmed.
Morrison Cohen Partner Jason Gottlieb, Chair of the White Collar and Regulatory Enforcement Group and Digital Assets Group, and Partner Daniel Isaacs filed a motion to dismiss the proposed class action in a California federal court, arguing that the clients did not operate the software at the time of the hack, do not owe any duty of care to software users, and that the plaintiffs failed to allege the elements of a general partnership with which they intended to associate.
The Law360 article, “Software Developer Wants Suit Over $55M Hack Axed” (July 20, 2022), referenced many of the arguments advanced by the Morrison Cohen team.
The Reuters article, “How Can Insiders Sue an Amorphous Crypto Collective? They Can't, Say bZx Defendants” (July 20, 2022), also discussed the factors involved in the unprecedented litigation, specifically discussing Morrison Cohen’s arguments that the DAO is not a general partnership, and observing that “early suits like the bZx case are breaking untrodden ground.”
Read the Law360 article here.
Read the Reuters article here.
Contacts
- Jason P. Gottlieb Partner & Chair, Digital Assets; Chair, White Collar and Regulatory Enforcement
- jgottlieb@morrisoncohen.com
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Our dynamic bench of business litigators defends corporations and individuals in complex, high-stakes matters in courts throughout the country.
Our business litigators possess the necessary skills to dissect complex financial instruments and agreements and present their analyses in clear, concise and persuasive terms.
Morrison Cohen handles a full range of securities matters, including complex, high-stakes securities litigations, in both federal and state trial and appellate courts, as well as before various arbitration and ADR forums, including FINRA and the AAA.
Our White Collar & Regulatory Enforcement Practice represents corporate entities and individuals in investigations brought by a wide array of governmental agencies, as well as exchanges and self-regulatory organizations.
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.
Related Sectors
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.
