A Delaware court dismissed BitGo’s lawsuit against Galaxy Digital on June 12 for prematurely backing out of its offer to acquire the former for $1.2 billion.
BitGo had argued that the agreement was terminated before it was intended to end and is owed damages under the termination fee clause.
However, the court determined that Galaxy was justified in backing out of the deal because BitGo had failed to deliver audited financial statements in time as part of the due diligence process.
As such, Galaxy is not liable to pay damages under the termination fee clause of the agreement.
The company announced the decision on Twitter and said it can now go back to focusing on “upgrading the global financial system in a manner that promotes innovation and protects investors and consumers alike.”
‘Legislative Stalemate’
Like other crypto-focused companies, Galaxy Digital is also looking to move operations out of the U.S. amid the uncertain regulatory environment and the recent lawsuits agai
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