A Manhattan federal judge has dismissed a securities fraud class action against Bancor after ruling that the plaintiff’s allegations were not enough to give the court jurisdiction. According to a report, the dismissal of the case against represents the first such ruling “in a suite of similar cases filed by crypto investors represented by Selendy & Gay and Roche Cyrulnik.”

US Courts Have no Jurisdiction

In their motion against Bancor, which has offices in Switzerland and Israel, the plaintiffs led by Timothy Holsworth, had argued that the protocol’s “BNT token is a security and thus falls under U.S Securities law.” In addition, the plaintiffs also alleged that Bancor had “made numerous false statements and omissions that led reasonable investors to conclude that the BNT tokens were not securities.”

However, in their defense, Bancor countered by arguing that a U.S. trial would be “inappropriate due to the company’s…

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Source: https://news.bitcoin.com/us-judge-dismisses-motion-against-bancor-after-finding-allegations-inadequate-to-give-it-jurisdiction/