- The first hearing in the Chapter 11 hearing was in August
- Several class action lawsuits against Celsius in the US
- Nuri GmbH and Solarisbank offer assistance in filing claims
Class Action Lawsuits Against Celsius
08/02/2022 – Several class action lawsuits have already been filed against Celsius Networks, a crypto lending company in the US. US law firm Prager Eagle & Squire is representing clients who have bought BC Celsius bonds. The suit alleges that Celsius Network violated US securities laws to mislead retail investors. Also, the prices of Celsius financial products were allegedly artificially inflated. The suit alleges the claims of the company’s shareholders. Another class action lawsuit was filed alleging Celsius sold unregistered securities using a Ponzi scheme. A third class action lawsuit filed by YouTuber and influencer Bitboy June 12, 2022 addresses the legality of account suspensions.
Bitcoin revenue accounting is at risk
In August, the first hearing in Celsius’ Chapter 11 bankruptcy proceeding will be held in bankruptcy court in New York. As of today, it is unclear when and to what extent deposits will be refunded to customers in Germany. Nuri GmbH said in an email that its clients can expect support in filing bankruptcy claims. With this information, the injured party can file their claim against Celsius.
Despite all this, the responsibility of intermediaries in the room still remains. Nuri GmbH brokered the Bitcoin Revenue account on behalf of Solaris Bank. Information provided to clients as part of the brokerage does not reflect the actual rate of risk assumed by clients through their relationship with Celsius.
Check now for legal claims and procedural enforcement
A class action lawsuit based on the American model does not exist in German procedural law. Depending on how it’s structured, class action lawsuits can be a ray of hope for consumers. The class action lawsuit must be implemented by the German legislator due to European legal requirements by the end of the year and could provide an opportunity to form a consumer group. There is currently no model notification action against VW or Mercedes.
A large number of damaged Bitcoin yield account clients have already hired us to recover their deposits through private lawsuits, to get their legal expenses insurance or litigation funding offers.
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