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Moeller-Bertram v. Gemini Trust Co. LLC

Action Is Denied Remand; Complaint Is Within Court's 'Related to' Bankruptcy Jurisdiction

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OPINION AND ORDER Plaintiff Tobias Moeller-Bertram (“Plaintiff”) moves pursuant to 28 U.S.C. §1447 for an order remanding this case to New York State Supreme Court, New York County. Dkt. No. 23. For the following reasons, the motion is denied. BACKGROUND Plaintiff commenced this action by filing his complaint (the “Complaint”) in New York State Supreme Court, New York County on February 22, 2023. Dkt. No. 1-1. The Complaint was served on Digital Currency Group, Inc. (“DCG”) and Gemini Trust Company, LLC’s (“Gemini,” and with DGC, “Defendants”) respective registered agents for service of process on February 23, 2023. Dkt. No. 1 2. Plaintiff alleges that Defendants committed actionable violations of Sections 5, 12, and 15 of the Securities Act of 1933 (“Securities Act”), 15 U.S.C. §§77e, 77l, and 77o. Dkt. No. 1-1. Plaintiff further alleges that DCG was a “control person” of non-party Genesis Global Capital, LLC (“Genesis Global Capital”) under Section 15 of the Securities Act. Id.

108-10. He alleges that between February 2021 and November 2022, Defendants operated a program, the “Gemini Earn” program, pursuant to which retail investors would tender crypto assets to Genesis Global Capital in exchange for an agreement by Gemini and Genesis Global Capital that Genesis Global Capital would pay interest on those assets to investors. Id.

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