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SirWin
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SirWin

Judge combines Silvergate and FTX lawsuits over alleged ties

judge-combines-silvergate-and-ftx-lawsuits-over-alleged-ties
Edited by
News
Judge combines Silvergate and FTX lawsuits over alleged ties

A court in California has consolidated three investor claims against the collapsed cryptocurrency bank Silvergate Bank, including the failed cryptocurrency exchange FTX.

The plaintiffs in the several cases seeking compensation for losses caused by the collapse of Silvergate have joined forces.

US district judge Jacqueline Scott Corley of the Northern District of California made the decision to merge the three claims. Each party claims Silvergate aided and abetted investment fraud by the defunct cryptocurrency exchange FTX.

Four individuals who had previously invested in the company filed three lawsuits against Silvergate. According to a story published by Law360 on April 19, they will stay distinct from the previous federal lawsuits brought against FTX and its founder Sam Bankman-Fried. Still, they will be consolidated with the approval of all parties involved in the litigation.

According to the order, the cases involving Silvergate involve common questions of law and fact because they name common defendants arising out of the same claimed course of conduct and assert overlapping reasons for action. As a result, the cases involving Silvergate are appropriate for consolidation because they share these characteristics.

In February, Matson Magleby, Nicole Keane, Golam Sakline, and Sonam Bhatia brought forward three separate legal actions.

The plaintiffs claim that Silvergate encouraged and facilitated the alleged unethical behavior of FTX. Processing illicit transfers of client monies from FTX to its sibling trading business, Alameda Research, was one of the actions taken.

At the beginning of March, Silvergate made public its intentions to “voluntarily liquidate” its assets and cease operations in response to a bank run that had taken place. In addition, a class-action lawsuit alleging that the bank violated securities legislation was filed against the institution in January.

In November of the previous year, FTX filed for bankruptcy, and as a consequence, the subsequent fall of the cryptocurrency market caused Silvergate to have difficulties with its liquidity.