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US Judge U-Turns on Ruling in Overstock Digital Dividend Lawsuit
The plaintiff may now file an amended complaint against Overstock and former CEO Patrick Byrne.
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A senior district judge in the U.S. state of Utah has acknowledged he made a "mistake" when granting Overstock's motion to dismiss a lawsuit over its digital dividend issued in 2019.
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- In late September 2020, Overstock, the bitcoin-friendly e-commerce firm, was granted the motion to dismiss the case brought by the Mangrove Partners Master Fund.
- In the latest filing on Jan. 6, Judge Dale Kimball said he had "overlooked" a footnote from the plaintiff requesting permission to file an amended complaint if the motion was granted.
- The case hinges around the digital dividend that Overstock paid to investors, with Mangrove alleging it was deliberately designed to create an artificial squeeze on short sellers.
- The plaintiff also claimed Overstock had made false declarations about its financial future.
- The shareholder dividend took the form of a digital security listed on Overstock affiliate tZero’s trading platform.
- Patrick Byrne, Overstock’s CEO at the time and a defendant in the lawsuit, was famously anti-short sellers and reportedly first became interested in blockchain as a way to limit their actions.
- With Judge Kimball now acknowledging his error in granting Overstock's motion, he nullified the original ruling and granted Mangrove permission to file an amended complaint.
See also: Overstock Touts Voatz Blockchain Voting App as Solution to US Election Fracas
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Crypto group counters Wall Street bankers with its own stablecoin principles for bill
After the bankers shared a document at the White House demanding a total ban on stablecoin yield, the crypto side answers that it needs some stablecoin rewards.
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- The U.S. Senate's crypto market structure bill has been waylaid by a dispute over something that's not related to market structure: yield on stablecoins.
- The Digital Chamber is offering a response to a position paper circulated earlier this week by bankers who oppose stablecoin yield.
- The crypto group's own principles documents argues that certain rewards are needed on stablecoin acvitity, but that the industry doesn't need to pursue products that directly threaten bank deposits business.
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