Article: Citibank, JPMorgan, and other banking giants are facing a potential class action lawsuit over ripping off clients on currency trades, report says

Article - Media

Citibank, JPMorgan, and other banking giants are facing a potential class action lawsuit over ripping off clients on currency trades, report says

Ethan Wu, 13 July 2021

Allegations of currency-trade manipulation are bubbling up into a potential class-action suit against several big banks, according to a report from the Financial Times.

Two high-powered legal teams are jostling to bring a collective action against the banks in London courts, pursuing a US-style class-action strategy that could lead to huge payouts. Under a 2015 UK law, class-action suits can be pursued if there are suspected violations of competition law in play, according to the FT. Continue reading “Article: Citibank, JPMorgan, and other banking giants are facing a potential class action lawsuit over ripping off clients on currency trades, report says”

Article: US courts dismiss manipulation allegations involving Bitcoin Cash

Article - Media, Publications

US courts dismiss manipulation allegations involving Bitcoin Cash

Shaurya Malwa, 02 April 2021

US courts dismissed an antitrust lawsuit that alleged prominent investors and individuals schemed to hijack the Bitcoin Cash network, the world’s thirteenth largest crypto network by market cap.

A controversy around Bitcoin Cash

The complaint, amended in March 2020 and filed by crypto company United American Corp (UAC), named Bitcoin Cash proponent Roger Ver, crypto exchange Kraken founder Jesse Powell, BTC mining giant Bitmain and CEO Jihan Wu, and Bitcoin Cash developers Shammah Chancellor and Jason Cox as the alleged participants in the scheme.

UAC first brought its suit in December 2018 and alleging the named individuals had effectively manipulated and devalued Bitcoin and pushed the firm out of the network after it had invested over $4 million. Continue reading “Article: US courts dismiss manipulation allegations involving Bitcoin Cash”

Article: High Profile Crypto Execs Dodge Bitcoin Cash ‘Hijack’ Lawsuit

Article - Media, Publications

High Profile Crypto Execs Dodge Bitcoin Cash ‘Hijack’ Lawsuit

Andrew Asmakov, 02 April 2021

A federal court in Florida has dismissed an antitrust suit filed against Bitcoin.com founder Roger Ver and several other prominent figures in the crypto industry, accused of market manipulation during a contentious split of the Bitcoin Cash network in November 2018, Law360 reported.

Other defendants in the case included Kraken CEO Jesse Powell, former CEO of Bitmain Technologies Jihan Wu, as well as Bitcoin Cash developers Shammah Chancellor and Jason Cox.

First filed by United American Corp (UAC) in December 2018 and amended in March 2020, the lawsuit claimed that the defendants colluded to manipulate the cryptocurrency market to favor Bitcoin Cash as some participants on the network were engaged in creating a competing clone called Bitcoin SV. Continue reading “Article: High Profile Crypto Execs Dodge Bitcoin Cash ‘Hijack’ Lawsuit”

Article: Caught in a bear trap: How ‘short and distort’ attacks are costing Australian investors billions

Article - Media

Caught in a bear trap: How ‘short and distort’ attacks are costing Australian investors billions

Adele Ferguson

Sydney Morning Herald,

Australia has become a paradise for a new, aggressive form of short selling. And regulators’ failure to act is costing investors billions.

Dubbed the “short and distort” gang, a group of largely foreign-based research houses issue highly damaging reports, designed to cause maximum damage to the companies they target.

Read full article.

Article: In Pursuit of the Naked Short by Alexis Stokes

Article - Academic

In Pursuit of the Naked Short

Alexis Stokes, Texas State University

Journal of Law and Business 5/1 (Spring 2009)

This article explores the origins of naked short-selling litigation; considers
the failures of significant naked short-selling lawsuits in federal court;
surveys the obstacles erected collectively by constitutional standing requirements, the Federal Rules of Civil Procedure, the Private Securities Litigation Reform Act, brokerage firms, death spiral financiers, and the Depository Trust and Clearing Corporation; examines the efficacy of Regulation SHO, SEC rule 10b-21, and new FINRA rules; discusses recent state legislation and state court litigation; and identifies non-litigation options to curb naked short-selling. Ultimately, this article seeks to answer the question: If manipulative naked short-selling is more than a mythological scapegoat for
small cap failure, what remedies are, or should be, available?

PDF (62 Pages): Article In Pursuit of the Naked Short