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Bitfinex asks New York Supreme Court to deny NYAG's request to collect documents

Wed, 09 Oct 2019, 08:27 am UTC

Bitfinex is holding on to its documents amid objects from the New York Attorney General’s office.

The legal representatives of Bitfinex, Tether, and other affiliated entities wrote that a request made by the NYAG connected to the alleged $900 million loan between Bitfinex and Tether should not be granted.

The attorneys said that the request was not supported by any authority and suggested that the state prosecutor appears to believe that the “collection burdens are meaningless.” The letter further acknowledges that document collection needs a significant expense.

Lawyers also denied accusations that Bitfinex is stalling on the required documents the court ordered for them to submit, saying that NYAG’s allegations are “misleading, and unfairly attack the motives of the Respondents and their counsel.”

Bitfinex’s attorneys filed several exhibits to support their letter, including the motion materials for the appeal of the exchange and a transcript of a court proceeding from May 6, 2019.

Signatories of the letter include Jason Weinstein of Steptoe & Johnson, and David Miller and Zoe Phillips of Morgan, Lewis, & Bockius.

It can be recalled that the Appellate Division of the New York Supreme Court ruled that Bitfinex no longer needs to continue turning over documents to the NYAG last month. However, the companies are not totally off the hook yet, as its parent firm iFinex has until Nov. 4 to “perfect its appeal” or else it may be required to continue complying with the probe.

Aside from its case with the NYAG, Bitfinex, Tether, and others are facing a class-action lawsuit after the firms were accused of manipulating the cryptocurrency market, harming traders, and benefiting themselves. The complaint alleges over $1.4 trillion in damages suffered by class members and violations of the Commodities Exchange and federal RICO statute, among other claims.

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