A Resolution to Goxxed Saga?
Bitcoin traders settle class actions over failed Mt. Gox exchange
(Reuters) – U.S. and Canadian customers of failed Tokyo-based bitcoin exchange Mt. Gox have agreed to settle their proposed class action lawsuits that alleged the company defrauded them of hundreds of millions of dollars.
The class action plaintiffs agreed to support a plan by Sunlot Holdings to buy the shuttered exchange and accept their share of bitcoins still held by Mt. Gox, according to a statement and court filings.
In return for settling separate class actions, the U.S. and Canadian customers will share in a 16.5 percent stake after Mt. Gox is sold to Sunlot, a firm backed by child actor-turned entrepreneur Brock Pierce and venture capitalist William Quigley.
“This is the customers’ best option and the only chance they have for full restitution,” said a statement from Jay Edelson of the Edelson law firm, the lead attorney in the U.S. case.
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