The BitConnect class-action has been dismissed by co-lead Plaintiffs Albert Parks and Faramarz Shemirani.
Parks and Shemirani filed a Notice of Voluntary Dismissal on November 22nd. At time of publication the court has yet to issue any response filing certifying the notice.
I’m not seeing why the court wouldn’t though, so for all intents and purposes the BitConnect class-action is over.
This is typical of civil lawsuits filed in parallel with regulatory cases in the US.
With respect to BitConnect, the class-action was competing with
criminal charges filed by the DOJ
and the
SEC’s civil fraud lawsuit
.
No explanation for the voluntary dismissal is provided in Parks’ and Shemirani’s filing. I suspect however it was due to the
“unlikely” prospect of a settlement
, as revealed back in July.
It seems the penny finally dropped on continuing with litigation when you’re
losing out to parallel regulatory proceedings
.
Pending any further updates we’ll keep you posted. Failing which this closes out BehindMLM’s coverage of the BitConnect class-action.
🤖 Quick Answer
What happened to the BitConnect class-action lawsuit?The BitConnect class-action was voluntarily dismissed by co-lead plaintiffs Albert Parks and Faramarz Shemirani on November 22nd. The dismissal notice was filed with the court, effectively ending the civil litigation. This development is typical in cases where parallel criminal and regulatory proceedings exist, as occurred with BitConnect facing both DOJ criminal charges and SEC civil fraud allegations simultaneously.
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