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Bitfinex, Tether win appeal against NYAG to stop compiling documents

Image Credit: The Block

Fri, 11 Oct 2019, 06:13 am UTC

A New York judge has denied the request of the New York Attorney General (NYAG)’s office to make Bitfinex and Tether compile documents related to their alleged $850 million cover-up and $900 million line of credit.

OAG’s request to order Respondents to search for and collect all documents and information called for in the §354 Order is denied as inconsistent with the order of the First Department ‘stay[ing] enforcement of the [§354 Order] pending hearing and determination of the appeal,” the ruling of New York Supreme Court Justice Joel Cohen states.

The decision came after attorneys of Bitfinex, Tether, and other affiliated entities wrote to the court asking to reject NYAG’s request to collect documents, saying the demand was not supported by any authority.

However, a second request that is said to be an injunction barring Tether from lending any further funds to Bitfinex is to be extended. The respondents did not oppose the request.

The injunction is hereby extended pending the hearing and determination of the appeal and, if OAG prevails on that appeal, for 90 days thereafter. The procedure for OAG to seek further extension of the injunction remains as set forth in the Court’s May 16 Order,” the judge wrote.

Meanwhile, Stuart Hoegner, the general counsel of Bitfinex and Tether told CoinDesk that they are pleased with the recent outcome.

A stay is a stay. We have consistently complied with the court’s orders in this matter, and we will continue to do so. We continue to look forward to addressing these important issues before the appellate court,” he said.

As previously reported, the Appellate Division of the New York Supreme Court ruled that Bitfinex is no longer required to continue turning over documents to the NYAG last month. However, they are given until Nov. 4 to “perfect its appeal.”

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