On March 8, United States District Judge Jacqueline Scott Corley laid down the order that denied a request from plaintiffs to consolidate a total of five proposed class action lawsuits against the bankrupt crypto exchange. Despite no defendants opposing the motion, the judge pointed out that not all defendants had the opportunity to respond yet.
Plaintiffs including Julie Papadakis, Michael Elliott Jessup, Stephen T. Pierce, Elliott Lam and Russell Hawkins accused the former FTX CEO Sam Bankman-Fried and other executives of misappropriating their assets, filing their cases in the Northern District of California. While all of the plaintiffs are going after Bankman-Fried, the cases also includes various other defendants, including outside auditors and those that promoted the exchange.
Because of this, the judge also pointed out there’s no need to consolidate before hearing out the defendants’ side.
(By EZRA REGUERRA)
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