New York Bankruptcy Court Approves Celsius’ $4.3 Billion Lawsuit Against Tether
Odaily Planet Daily reported that, according to court documents, a New York bankruptcy judge has allowed Celsius to proceed with most of its $4.3 billion lawsuit against stablecoin issuer Tether. Celsius alleges that in June 2022, just before it was on the verge of bankruptcy, Tether liquidated nearly 40,000 BTC without sufficient notice, violating the contractual obligation to provide a margin call period. Tether responded that the lawsuit is "baseless" and accused Celsius executives of having verbally approved the action. The judge ruled that such "verbal approval" is not sufficient to replace the terms stipulated in the contract. (CoinDesk)
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