BitConnect lawsuits update, June 2018
As it stands there are currently five active lawsuits filed against BitConnect and top investor defendants in the US.
Here’s an update on their current status as of June 16th, 2018.
Argiro v. BitConnect International PLC et al
On May 24th an Order of Dismissal was filed, effectively ending Patrick Argiro’s case.
No explanation for the dismissal is provided, however looking at the case docket it appears to be related to ineffective service on the defendants.
Kline et al v. Bitconnect et al
An appearance by an attorney for defendant Ryan Maasen (June 7th) and a filing related to a previously filed motion for lead plaintiff appointment and selection of counsel (June 6th).
Details of Andrew Kline’s, Dusty Showers’, Lena Huna’s, and Charles Mabra’s lawsuit were first published in February, 2018.
Long et al v. Bitconnect International, PLC et al
Case transferred to a different Judge on June 11th.
Details of Paul Long’s and Kiandra Love’s lawsuit were first published in February, 2018.
Mengesha v. Bitconnect International PLC et al
A Status Report filed on June 6th suggest consolidation between the various BitConnect class-actions filed in the US.
On the morning of June 6, 2018, Plaintiffs filed a Stipulation and Proposed Order regarding leadership in the Minnesota actions, as well as actions pending across the country, which would resolve the motion to appoint leadership pending before the Court.
A similar order is being filed in each of the other actions across the country against these same defendants pending in other jurisdictions.
Once the proposed leadership order is entered in this Court and each of the other Courts where cases are pending, Plaintiffs anticipate working cooperatively with counsel for all Defendants making an appearance to propose in each Court a mechanism to move forward in a cooperative and coordinated manner.
I’m not entirely sure on specifics but it sounds like one plaintiff leadership is established, the other lawsuits will be merged and they’ll go from there.
On June 14th an order appointed Albert Parks and Faramarz Shemirani, as the “BitConnect Investor Group”, as lead plaintiffs.
The court also approved the selection of counsel, which as of now spans three law firms.
As I understand BitConnect class-actions in other jurisdictions can now be transferred to the Minnesota case.
Details of Patricia Mengesha’s lawsuit were first published in February, 2018.
Paige v. Bitconnect International PLC et al
On June 8th a proposed order was filed consenting to appointment of the BitConnect Investor Group as lead plaintiff.
The motion awaits approval from the court.
Details of Brian Paige’s lawsuit were first published in January, 2018.
Wildes et al v. BitConnect International PLC et al
An attorney for Ryan Maasen filed an appearance on June 7th.
Glenn Arcaro requested a time extension to file a response to a previously filed amended complaint on June 12th.
Details of Charles Wildes’, Fransico Doria’s, Aric Harols’, Akiva Katz’s, James Gurry’s and Ronald Nelson’s lawsuit were first published in January, 2018.
I can see the various BitConnect lawsuits being rolled into the Minnesota lawsuit over the next month.
This will make litigation far easier to track and participate in for both plaintiffs and defendants.
I’ve scheduled our next update a month from now to see where we’re at.
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