Baker Marquart achieved an important victory for two Fintech clients in the Southern District of New York on May 15, 2020, when Judge Ronnie Abrams dismissed the civil case, Wu, et al. v. Bitfloor, et al., with prejudice. “We are thrilled for our clients that Judge Abrams dismissed this meritless case at the outset and before it even proceeded to discovery and unnecessarily wasted our clients’ time and resources,” stated partner Brian Klein.
Judge Abrams agreed with Baker Marquart’s position that the complaint was time barred because the plaintiffs were on inquiry notice. The plaintiffs had alleged that the firm’s clients, a now-dissolved digital token platform and its owner, violated provisions of the Commodities Exchange Act. Judge Abrams also declined to exercise supplemental jurisdiction over the remaining state law claims, dismissing the case in its entirety.