Judge lifts stay on case brought by OneCoin victims

Maria Nikolova

The lawsuit brought by victims of the fraudulent cryptocurrency scheme is set to proceed at the New York Southern District Court.

Judge Valerie E. Caproni of the New York Southern District Court has signed an order lifting the stay on a lawsuit brought by victims of fraudulent cryptocurrency scheme OneCoin.

The order, seen by FinanceFeeds, was signed on May 1st by the Judge. It follows an appearance by the parties for a teleconference with the Court earlier on Friday. No later than May 8, 2020, the parties must jointly submit a proposed schedule for the defendants to answer, move to dismiss, or otherwise respond to the complaint.

Let’s recall that Judge Caproni had threatened to nix the lawsuit. However, the plaintiffs responded to the Court’s concerns in a timely manner explaining that the Court should not dismiss the action for failure to prosecute. The plaintiffs argued that they had invested a significant amount of time and effort into this action, completed service on all remaining defendants, and were prepared to proceed with the litigation expeditiously.

The plaintiffs in this case represent all individuals and entities who transferred to the OneCoin defendants, directly or indirectly, any fiat currency or cryptocurrency to invest in OneCoin Trader Packages or OneCoins from April 2014 through to and including March 2018 and who suffered financial injury as a result thereof.

Lead Plaintiff Donald Berdeaux and plaintiff Christine Grablis allege in the First Amended Class Action Complaint claims under the federal securities laws and common law against key operators of OneCoin Ltd. and certain of their enabling co-conspirators arising from a massive fraud perpetrated on millions of individual investors throughout the world causing injuries in excess of $4 billion through a densely-packed multi-level-marketing system.

Let’s recall that in August 2019, the Court stayed this case pending service of all defendants and ordered monthly letter updates from Lead Plaintiff on the status of service of process and warned against missing these deadlines. On February 3, 2020, Lead Plaintiff posted proof of service via the Court’s approved alternative means for defendants OneCoin Ltd. and Ruja Ignatova. On February 28, 2020, Lead Plaintiff voluntarily dismissed Irina Dilinska and Sebastian Greenwood from this case.

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