BitConnect Multidistrict Litigation

April 2020: Several of the named plaintiffs filed a Notice of Appeal regarding the dismissal orders.

March 2020: The claims against the remaining defendants were dismissed for failure to state a claim.

January 2020: A federal judge denied the plaintiffs’ motion to use alternative methods to serve (or provide notice of the litigation to) defendants in other countries, including India and Vietman, and dismissed the claims against them.

November 2019: The claims against two of the defendants were dismissed for lack of personal jurisdiction.

June 2018: Several class-action lawsuits filed against BitConnect were consolidated to be heard together in a multidistrict litigation. The complaint alleges that the defendants violate federal securities laws and operate a cryptocurrency investment program that is both a pyramid scheme and Ponzi scheme. Among other things, the complaint claims that the company paid affiliates commissions for recruiting others to invest, and existing investors were paid with money from new investors. To read the complaint and learn more about the claims, click here. (In Re BitConnect Securities Litigation, Case No. 18-cv-80086, S.D. Fla.)

For more of TINA.org’s coverage of BitConnect, click here.