1. BITBILIHome
  2. Article

Elon Musk’s legal counsel wants Dogecoin class-action lawsuit dismissed

• 18 views

TL;DR Breakdown

  • Elon Musk’s legal counsel has asked the court to dismiss the legal dispute brought by disgruntled Dogecoin investors.
  • Heated exchanges and allegations mark an escalation of the lawsuit.

Description

Tesla CEO Elon Musk’s ongoing legal dispute with a group of disgruntled Dogecoin investors has taken another turn as his attorneys argue that the lawsuit has been dragging on for too long. In a recent filing submitted to a New York federal court, Musk’s legal team requested the dismissal of the plaintiff’s revised complaint, claiming … Read more

Tesla CEO Elon Musk’s ongoing legal dispute with a group of disgruntled Dogecoin investors has taken another turn as his attorneys argue that the lawsuit has been dragging on for too long. In a recent filing submitted to a New York federal court, Musk’s legal team requested the dismissal of the plaintiff’s revised complaint, claiming that it is an example of abusive and belligerent litigation tactics. Lead attorney Evan Spencer, representing the class-action lawsuit against Elon Musk, made a third amendment to the complaint in June, introducing additional allegations.

Lengthy legal battle forces prompt dismissal from Elon Musk’s lawyers

Initially seeking $258 billion in damages when filed last June, the lawsuit accuses Musk of engaging in “market manipulation, insider trading, and carnival barking” about the popular meme coin in the cryptocurrency world. Elon Musk’s affinity for Dogecoin has been well-documented over the years, dating back to his initial tweet in April 2019 when he referred to Dogecoin as his favorite cryptocurrency. His interest continued to grow following his acquisition of Twitter.

Notably, Musk’s recent involvement with Dogecoin included a playful stunt where Twitter’s logo was temporarily replaced with Dogecoin’s Shiba Inu mascot, causing the cryptocurrency’s value to rally by 30%. Despite the rollercoaster ride of Dogecoin’s value, Musk’s legal team asserts that his support for the cryptocurrency through tweets and humor is entirely lawful and amounts to mere “puffery.” They argue that expressing support for a cryptocurrency or sharing amusing images related to it does not constitute unlawful behavior.

Heated exchanges and allegations mark an escalation of the lawsuit

Musk’s lawyers further contend that the allegations presented in the lawsuit are unfounded. They assert that the claims are based on the sale of Dogecoin from digital wallets not directly linked to Musk or Tesla. Additionally, they challenge the assertion that Musk’s statements about Dogecoin were materially false or misleading. U.S. District Judge Alvin Hellerstein, who presides over the case, set a deadline for Musk’s legal team to respond to the amended complaint by Monday.

The attorneys representing the Dogecoin investors are expected to file their opposition to the motion for dismissal by early September, according to court proceedings. The legal battle has escalated into a heated exchange between the two sides. Spencer accused Musk’s legal team of employing “dirty tactics” after a New York Post article cited a letter written by one of Musk’s lawyers, Alex Spiro. Spencer alleged that this was an attempt to unfairly influence the lawsuit in favor of Elon Musk’s side.

In response, Elon Musk’s lawyers strongly refuted these claims, asserting that Spencer’s allegations were baseless and suggesting that Spencer’s conduct was questionable. As the case continues to unfold, it remains to be seen how the court will ultimately rule on the motion for dismissal and the validity of the allegations presented by the Dogecoin investors. The legal battle underscores the complex intersection between cryptocurrency enthusiasm, market behavior, and the boundaries of lawful expression in the digital age.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Elon Musk’s legal counsel wants Dogecoin class-action lawsuit dismissed

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月10日 01:39
Next 2023年8月10日 03:42

Related articles

  • Ripple CTO breaks silence on PayPal’s PYUSD

    TL;DR Breakdown PayPal, the renowned payment platform headquartered in San Jose, California, has recently made waves by introducing its very own stablecoin, known as PayPal USD (PYUSD). Ripple’s Chief Technology Officer (CTO) David Schwartz emphasized that the actual centralization aspect of PYUSD stems from its valuation being tied to PayPal’s legal obligation to exchange it for U.S. dollars.  Description In a significant move, PayPal, the renowned payment platform headquartered in San Jose, California, has recently made waves by introducing its very own stablecoin, known as PayPal USD (PYUSD). This latest development stands out as one of the company’s most noteworthy strides into the cryptocurrency arena since its initial entry back in 2020. The unveiling … Read more In a significant move, PayPal, the renowned payment platform headquartered in San Jose, California, has recently made waves by introducing its very own stablecoin, known as PayPal USD (PYUSD). This latest development stands out as one of the company’s most noteworthy strides into the cryptocurrency arena since its initial entry back in 2020. The unveiling of PYUSD, which is tethered to the U.S….

    Article 2023年8月8日

  • China’s AIIB gets major World Bank partnership

    TL;DR Breakdown AIIB, China’s alternative to the World Bank, approved a significant partnership involving $1 billion in credit guarantees. This collaboration allows the World Bank to overcome financing constraints, while AIIB can better utilize its surplus capital. The partnership aligns with a global effort to increase financing for climate challenges. Description An emblematic partnership has surfaced in the global banking sector. The Asian Infrastructure Investment Bank (AIIB), often considered China’s alternative to the World Bank, has initiated a high-stakes collaboration. This monumental alliance comes amidst accusations that China’s Communist party has been manipulating the bank from behind the scenes. A significant accord for AIIB The governing … Read more An emblematic partnership has surfaced in the global banking sector. The Asian Infrastructure Investment Bank (AIIB), often considered China’s alternative to the World Bank, has initiated a high-stakes collaboration. This monumental alliance comes amidst accusations that China’s Communist party has been manipulating the bank from behind the scenes. A significant accord for AIIB The governing body of the AIIB greenlit a plan to allocate $1 billion in credit assurances against sovereign-supported…

    Article 2023年7月22日

  • Binance’s largest market in China despite crypto ban, monthly volume hit $90B

    TL;DR Breakdown Binance’s biggest market continues to be China despite the crypto ban. The crypto exchange witnessed over $90 billion in trading volume from China in May 2023, based on information obtained from internal documents. Description Binance users engaged in cryptocurrency-related asset trading amounting to $90 billion in May 2023 within China despite cryptocurrency trading being deemed illegal in the country since 2021, a report by the Wall Street Journal reveals. Remarkably, these transactions established China as Binance‘s largest market, contributing 20 percent of the total global trading volume, excluding trades … Read more Binance users engaged in cryptocurrency-related asset trading amounting to $90 billion in May 2023 within China despite cryptocurrency trading being deemed illegal in the country since 2021, a report by the Wall Street Journal reveals. Remarkably, these transactions established China as Binance‘s largest market, contributing 20 percent of the total global trading volume, excluding trades conducted by a specific group of major traders. Binance has ties to China Binance’s connection with China has been intricate. Its founder, Changpeng Zhao, who is of Chinese origin but grew…

    Article 2023年8月2日

  • SEI joins Korean Won and Bitcoin markets on Upbit’s trading platform

    TL;DR Breakdown   South Korea’s top digital asset exchange, Upbit, is set to introduce SEI trading, expanding its portfolio and catering to its global users. The Sei Network is the only platform that supports SEI deposits, distinguishing it from other networks like BSC. Upbit has scheduled the commencement of SEI deposits and withdrawals for August 15th, 2023, at 21:00 KST. Description Upbit, South Korea’s leading global digital asset exchange, has announced its plans to introduce SEI trading. This decision comes as the exchange seeks to diversify its trading portfolio and cater to the evolving needs of its global clientele. Consequently, the Korean Won and Bitcoin (BTC) markets are set to welcome a new entrant, SEI. Moreover, … Read more Upbit, South Korea’s leading global digital asset exchange, has announced its plans to introduce SEI trading. This decision comes as the exchange seeks to diversify its trading portfolio and cater to the evolving needs of its global clientele. Consequently, the Korean Won and Bitcoin (BTC) markets are set to welcome a new entrant, SEI. Moreover, the Sei Network is the sole…

    Article 2023年8月15日

  • Coinbase asks for dismissal of SEC lawsuit, says tokens are not investment contracts

    TL;DR Breakdown Coinbase has filed papers asking the New York federal court to dismiss its lawsuit from the SEC, accusing the exchange of offering unregistered securities Coinbase argues that tokens are not investment contracts SEC has offered inadequate guidance on cryptos Description Coinbase, a U.S. crypto exchange, has filed papers asking the New York federal court to dismiss its lawsuit from the Securities and Exchange Commission(SEC). While the SEC accused the exchange of offering unregistered securities, Coinbase argues that the digital assets listed on its platform are not subject to the regulator’s jurisdiction in its 177-page response … Read more Coinbase, a U.S. crypto exchange, has filed papers asking the New York federal court to dismiss its lawsuit from the Securities and Exchange Commission(SEC). While the SEC accused the exchange of offering unregistered securities, Coinbase argues that the digital assets listed on its platform are not subject to the regulator’s jurisdiction in its 177-page response to the SEC lawsuit. Coinbase says tokens are not investment contracts In early June, the SEC filed a lawsuit against Coinbase, saying that a dozen…

    Article 2023年7月2日
TOP