Coinbase to face revived lawsuit by customers
economictimes.indiatimes.com
The 2nd U.S. Circuit Court of Appeals in Manhattan said a lower court judge should not have relied on a December 2021 user agreement to find that Coinbase did not hold title to, and was not the seller of, 79 tokens that the customers traded.
In its 3-0 decision, the appeals court said Coinbase had over time materially changed its user agreements, and the December 2021 version was not «conclusive» when evaluating the customers' legal claims.
Customers in the proposed class action also argued that they never accepted that version, making it irrelevant in deciding to dismiss their case.
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View Details» Friday's decision also upheld the dismissal of claims under the federal Securities Exchange Act seeking to rescind some customer transactions.
The case was returned to U.S. District Judge Paul Engelmayer in Manhattan, who had dismissed it in February 2023.
In a post on social media platform X, Coinbase's chief legal officer Paul Grewal said the exchange welcomed the dismissal of some claims.
«There's no private liability for the secondary
