Judge Denies Class Proof in $400 Million Fraud Lawsuit Against Mt. Gox

A federal judge recently denied a request for class certification by customers of the defunct Japanese bitcoin exchange Mt. Gox, which was forced into bankruptcy after a major hack in 2014, according to cointelegraph. The move handed a victory to former Mt. Gox CEO Mark Karpeles, who had argued that it would be better to implement a compensation plan in Japan than to file a lawsuit in the United States. The judge found that the lead plaintiff’s theory of fraud in the $400 million lawsuit was based on Karpeles’ drafting and dissemination of Mt. Gox’s terms of use and alleged misunderstandings.

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