Coins of crypto currency bitcoin, ethereum, litecoin, monero, ripple and dash on a dark background. Courtesy photo. Federal Judge Orders New Securities Trial for Crypto-Product 'Paycoins'
While a federal judge upheld a jury's verdict that three cryptocurrency-related products were not securities as a matter of state or federal law, he sided with the plaintiffs' request for a new trial over a fourth product, Paycoin.
June 13, 2022 at 06:50 PM
7 minute read
While a federal judge upheld a jury's verdict that three cryptocurrency-related products were not securities as a matter of state or federal law, he sided with the plaintiffs' request for a new trial over a fourth product, Paycoin.
The plaintiffs, Denis Marc Audet, Michael Pfeiffer, Dean Allen Shinners, and Jason Vargas—individually and on behalf of a class of others similarly situated—filed a suit against Stuart A. Fraser, GAW Miners and ZenMiner, claiming they were defrauded and sought to recover losses from the defendants. The plaintiffs alleged securities law violations and common-law fraud arising from the cryptocurrency mining company's sale of four products: Hashlets, Paycoin, HashStakers, and Hashpoints, according to the judge's ruling on post-verdict motions filed in the U.S. District Court for the District of Connecticut on June 3.
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