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Mt Gox Class Action Lawsuit Dismissed In Canada
According to a notice posted by Charney Lawyers PC, a class action lawsuit against the now defunct MtGox Bitcoin exchange, that sought damages related to lost bitcoins and fiat currency on behalf of all Canadian residents who lost bitcoins or fiat currency in the collapse of the exchange, has been dismissed.
The class action was started in the Ontario Superior Court of Justice against MtGox Inc., Mt. Gox KK, Tibanne KK, Mt. Gox North America Inc., Mizuho Bank, Ltd., Mark Karpeles and Jed Mccaleb. The notice stated that claims are not proceeding against any party.
“On June 17, 2016, this action will be dismissed on consent of all parties”, the notice reads.
MtGox, founded in 2010, was the leading bitcoin exchange based in Japan and by 2013 it was handling nearly 70% of all bitcoin transactions. However, in February 2014, the company suspended trading with CEO Mark Karpeles saying that the problem stemmed from "transaction malleability". Subsequently, the website as well as exchange service was shut down and MtGox filed for a form of bankruptcy protection from creditors.
At the time of collapse, 744,400 BTC was reported as lost, a sum of assets that was then valued at $350m, CoinDesk reported.
Mizuho Bank was first named as a defendant in the class action lawsuit in March 2014 by Illinois resident Gregory Greene and California resident Joseph Lack, as it served as MtGox’s banking partner. Earlier this year, a US district judge denied a motion by Mizuho Bank that the class action lawsuit related to its relationship with MtGox should be moved to Japan.
The notice further said that all those who wish to pursue individual claims, must do so in accordance with the limitations periods of their home jurisdiction.
“In some jurisdictions, the limitations period will have been tolled from the time the class action was commenced to the time it was dismissed. The limitations period will now continue running. We advise you to retain your own counsel as soon as possible”, it added.