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Usha Yadav
Oct 14, 2022
by Usha Yadav

Roche Firm Booted From Tether Action After Crypto Leaks Post

Tether

Table of contents

  1. Roche Firm Booted From Tether Action
  2. No Legal Action Against Rivals of Ava Labs
After receiving charges of market manipulation, a U.S. judge disqualified the law firm, Roche Freedman, from representing the plaintiff in a case against cryptocurrency exchange Bitfinex and stablecoin issuer Tether. Read more in following news.

Roche Firm Booted From Tether Action

The verdict is a setback for Roche Freedman, as founding partner Kyle Roche was shown bragging in recordings provided on the website Crypto Leaks about the firm's association with the cryptocurrency startup Ava Labs. In a hearing on Thursday, Katherine Polk Failla, a U.S. district judge for the Southern District of New York, warned that the firm's continuing involvement in the case could cause the legal process to stall. She promised to remove the company from her first lead counsel appointment.

It would not be in the best interests of the class for the firm to continue acting as counsel "with the metaphorical baggage they now carry," according to Failla. In a hearing on October 3, Failla referred to Roche's remarks as "uniquely foolish" and questioned co-founder Devin "Velvel" Freedman about the firm's actions during the 2019 lawsuit's legal proceedings.

For the proposed class, the law offices Selendy Gay Elsberg and Schneider Wallace will continue to serve as lead counsel, investigating the defendants' alleged price-fixing allegations.

No Legal Action Against Rivals of Ava Labs

Roche has denied that his business has pursued legal action against rivals of Ava Labs. According to Emin Gün Sirer, CEO of Ava Labs, Roche made misleading claims about their relationship in the recordings published on Crypto Leaks. After the tapes were made public in August, Roche's company fired him and forbade him from participating in any future class actions. Freedman suggested that these measures were taken to guard against the impression of improper behavior.

Nevertheless, Bitfinex and Tether filed a motion to remove Roche Freedman from the case because the remarks created questions about the firm's intentions. Meanwhile, Roche Freedman's co-counsel claimed that dismissing the firm would remove a distraction. A different plaintiffs' firm submitted a motion to replace Roche Freedman as lead counsel, but Failla denied that request on Thursday.

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Roche Firm Booted From Tether Action After Crypto Leaks Post
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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