TechFlow reports, according to an official announcement from Tether, that Chief Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York issued a six-page ruling delivering a comprehensive and thorough judgment on the meritless class-action lawsuit filed by U.S. citizens Matthew Anderson and Shawn Dolifka against Tether and Bitfinex. The court accurately determined that the plaintiffs' complaint lacks any "plausible allegation of harm," as there are no facts indicating that "the actual value of USDT has diminished."
At this early stage of litigation, the entire class-action suit has been dismissed, with the plaintiffs' claims found to have no legal basis.
Tether and Bitfinex stated they will continue focusing on fulfilling their commitments and ensuring protection for customers and the community.
As previously reported, U.S. citizens Matthew Anderson and Shawn Dolifka had filed a class-action lawsuit in New York against Tether Holdings, the issuer of the USDT stablecoin, alleging that Tether made false disclosures regarding USDT's reserve holdings and misled consumers about the nature of the Tether token.
