BitConnect victim class-action dismissed by Judge
Following two years of mostly inaction, a Florida Judge has dismissed the BitConnect victim class-action lawsuit.
The BitConnect class-action lawsuit was a consolidation of multiple lawsuits filed back in 2018.
Initially several defendants were named, but by Juanuary 2020 the list had been whittled down to just three; Trevon Brown (a/k/a Trevon James), Ryan Hildreth and Tanner Fox.
In his March 31st order, Judge Middlebrooks revisited his recent show cause order.
I entered an Order to Show Cause why Defendants Brown, Hildreth, and Fox should not be dismissed.
Plaintiffs have responded to the Order to Show Cause.
In their response, Plaintiffs do not explain how the allegations regarding Defendants Brown, Hildreth, and Fox differ from the ones made in connection with Defendants Arcaro and Maasen.
Glenn Arcaro and Ryan Maasen were dismissed from the case last September.
Instead of explaining how allegations against Brown, Hildreth and Fox differed from those dismissed against Arcaro and Maasen;
Plaintiffs attempted to relitigate whether these facts sufficiently state claims under the Securities Act.
I have already rejected these arguments twice and will not substantively address them again.
Subsequently the Brown, Hildreth and Fox were dismissed as defendants.
And with no defendants left, Judge Middlebrooks dismissed the class-action with prejudice.
Interestingly enough Plaintiffs in the BitConnect class-action were represented by Silver Miller, the same law firm handling the OneCoin class-action.
Perhaps it’s not a coincidence the OneCoin class-action isn’t going too well either.
Update 24th February 2022 – The Eleventh Circuit has reversed the District Court’s dismissal, effectively reopening the case.
Were they able to freeze any money in the US for BitConnect? if there’s no money to be had, then the lawyers are less enthusiastic seeking redress.
It was on thin ground for a US class action lawsuit against individual promoters any way.
Official news on regulatory investigations has been scarce. They’re keeping everything pretty close to the chest, even as the years pass by.