Investors Withdraw Slew Of Suits Against Crypto Companies

Law360 (April 28, 2021, 8:17 PM EDT) — Five proposed class actions against a range of cryptocurrency companies have been voluntarily dismissed in New York federal court, dealing a blow to a salvo of 11 suits filed last year alleging widespread securities law violations.

Cryptocurrency buyers withdrew suits against Quantstamp Inc., Status Research and Development GmbH, Civic Technologies Inc., KayDex Pte. Ltd., and HDR Global Trading Ltd. on Tuesday evening, court filings show. All five cases alleged that the companies harmed their customers by issuing or selling digital assets that should have been registered as securities.

The cases are among roughly 11 actions lodged in April 2020 that accused a swath of cryptocurrency…

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