Jump Trading Pushes for Speedy Resolution by Relocating Terra Class Action Suit to California
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Jump Trading wants to move a lawsuit from Illinois to a court in Northern California. The company, which offers high-frequency and algorithmic trading, believes this will expedite the legal process.
Jump Trading aims to shift the Terra class action lawsuit to California, hoping for a favorable outcome in the tech-heavy state. The high-frequency trading firm faces accusations of market manipulation and unfair practices. #JumpTrading #Terraclassaction #California pic.twitter.com/Sn9sVMXqIu
— ⚡ Mr. Crypto Giants🐋 (@CryptoGiants_) June 13, 2023
The lawsuit was filed on May 9. It claims that Jump Trading and its CEO, Kanav Kariya, were part of a plan to change the price of the TerraUSD (UST) stablecoin. The company’s supposed plan made a big difference for the environment on Terra and Luna. It also helped the company earn $1.3 billion.
Taewoo Kim is suing on behalf of those affected by the ecosystem collapse. Selendy Gay and Robbins Geller Rudman & Dowd LLP are representing Kim.
Defendants Claim ‘Forum Shopping’ in Jump Trading vs. TerraUSD LUNA Lawsuit
The defendants recently filed a motion on June 9. They said filing the lawsuit in Illinois was “forum shopping.” The main plaintiff is from New Jersey and has no legal ties to Illinois. She is getting legal help from New York and California law firms.
Lawsuit Filed Against Jump Trading Over Terra’s UST Price Manipulationhttps://t.co/xvGClEI8OI
Taewoo Kim, a New Jersey citizen, filed the action on behalf of aggrieved investors. According to the complaint…#crypto #bitcoin #coin #binance #cryptotrading #ethereum #cryptonews
— CryptoExpertNews (@cryptoexnewscom) May 12, 2023
For clarity, “Forum shopping” means choosing a court or location with rules or laws that suit the person suing. The goal is to help the plaintiff’s case.
The defendants say that most important witnesses and records are not in Illinois. They are in other places or easy to access from there. They say the people bringing the lawsuit to California have been working on it for over a year. For this reason, they are pushing for the two cases to take be combined.
TerraUSD LUNA Project Collapse and Ongoing Legal Battle
In May 2022, the TerraUSD LUNA project experienced a significant failure resulting in substantial financial losses. Do Kwon, the project’s founder, was arrested in March in Montenegro for using fake travel papers. This led to legal problems in South Korea and the United States.
Ex-crypto titan Do Kwon may spend most of his life behind bars, first in South Korea then in the US, according to a scenario laid out by a lead prosecutor in Seoul https://t.co/qbPgxsTNEG pic.twitter.com/Ndd7vbcOBM
— Bloomberg Crypto (@crypto) June 8, 2023
Jump Trading argues that the legal grounds justifying the lawsuit’s presence in Illinois are invalid. By requesting the transfer of the case to a Northern district court in California, the company aims to expedite the legal process.
As the legal dispute unfolds, the court will ultimately decide whether to permit the transfer and consolidate related lawsuits. This ongoing legal battle underscores the plaintiffs’ pursuit of financial compensation for the losses incurred due to the demise of the Terra/Luna ecosystem.
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