OneCoin leader Konstantin Ignatov seeks more time to respond to victims’ complaint

Maria Nikolova

Counsel for Ignatov says he is actively engaged in settlement negotiations with the plaintiffs in this matter.

About a month after the stay in a case brought by OneCoin victims was lifted, one of the defendants – Konstantin Ignatov, has requested additional time in order to respond to the plaintiffs’ complaint.

The request is made in a letter filed by Ignatov’s counsel with the New York Southern District Court earlier today. Ignatov, one of the leaders of the cryptocurrency scam, requests a three-week extension of time in which to file his answer to the amended complaint and any motions, which are presently due on June 25, 2020. This is Ignatov’s first request for an extension of time.

The reason for this request is that he is actively engaged in settlement negotiations with the plaintiffs in this matter, which may obviate the need for Ignatov’s responsive pleadings.

Should the Court grant this application, the revised briefing schedule as it applies to Mr. Ignatov would be as follows:

  • Defendant Ignatov ‘s answer to the amended complaint and any motions will be due by July 16, 2020;
  • Plaintiffs’ response will be due by September 2, 2020; and
  • Defendant’s reply will be due by September 23, 2020.

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.

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