Cryptocurrency exchange Coinbase faces more legal blows as a United States court reverses a previous ruling on a consumer’s securities lawsuit. Court documents show the 2nd US Circuit Court of Appeals has overturned the District Court ruling that struck out the case of the plaintiffs.
In 2021, Coinbase was slapped with a class action suit with users alleging the exchange facilitated the sale of unregistered securities amongst others. According to the recent ruling, the District Court should not have relied on a particular user agreement made in 2022 because Coinbase had updated the language used from earlier releases.
“In light of the varying language in different versions of the user agreement in effect during the class period, the district court could not treat the December 2021 version as conclusive for purposes of evaluating the legal sufficiency of the amended complaint.”
Coinbase Class Action Suit
Judge Paul Engelmayer relied on the user agreement and found discrepa
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