Beware of BitConnect – Review Part 4

Albert Parks and Faramarz Shemirani, co-lead Plaintiffs, have filed a motion to dismiss the BitConnect class action.

On November 22nd, Parks and Shemirani filed a Notice of Voluntary Dismissal. The court has yet to make a response filing certifying the notice at the time of publishing.a

But I don’t see why the court shouldn’t, therefore the BitConnect class-action is effectively ended.

This is characteristic of civil lawsuits brought concurrently with regulatory actions in the United States.

In the case of BitConnect, the class-action lawsuit competed with the DOJ’s criminal charges and the SEC’s civil fraud litigation.

The application by Parks and Shemirani contains no justification for the voluntary dismissal. However, I believe it was owing to the “unlikely” chance of a settlement, as disclosed in July.

It appears that the realization that continuing with litigation while losing out to concurrent regulatory actions has now set in.

We’ll keep you updated when more information becomes available. Otherwise, this concludes BehindMLM’s coverage of the BitConnect class-action.

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