Cision PR Newswire
Moore Kuehn Requests BlockFi Customers who enrolled in a BlockFi Interest Account/Crypto Interest Account to Contact law firm
News provided byMoore Kuehn, PLLC
Apr 26, 2022, 8:22 PM ET
- 5 DAYS LEFT TO SEEK LEAD PLAINTIFF STATUS before May 2, 2022**
NEW YORK, April 26, 2022 /PRNewswire/ -- Moore Kuehn, PLLC is investigating potential claims against:
A class action lawsuit was filed against BlockFi claiming BlockFi, BlockFi, Inc. ("BFI"), BlockFi Trading, LLC ("Trading"), and BlockFi Lending, LLC ("Lending") for violations of the Securities Act of 1933 and seeks to represent all people in the United States who enrolled in a BlockFi Interest Account/Crypto Interest Account.
BFI is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as engaging in proprietary trading.
The BlockFi class action lawsuit alleges that since March 4, 2019 BFI, through its affiliates Lending and Trading, has been, at least in part, funding its lending operations and proprietary trading through the sale of unregistered securities in the form of cryptocurrency interest-earning accounts.
On or around February 14, 2022, the U.S. Securities and Exchange Commission ("SEC") "charged BlockFi Lending LLC (BlockFi) with failing to register the offers and sales of its retail crypto lending product." Further, "[t]o settle the SEC's charges, BlockFi agreed to pay a $50 million penalty, cease its unregistered offers and sales of the lending product, BlockFi Interest Accounts (BIAs), and attempt to bring its business within the provisions of the Investment Company Act within 60 days. BlockFi's parent company also announced that it intends to register under the Securities Act of 1933 the offer and sale of a new lending product. In parallel actions, BlockFi agreed to pay an additional $50 million in fines to 32 states to settle similar charges."
Blockfi Interest Account/Crypto Interest Account holders may still apply for lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the BlockFi class action lawsuit.
If you want more information or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Fletcher Moore, Esq. by email at firstname.lastname@example.org or telephone at (212) 709-8245.
There is no cost to you. Moore Kuehn is a New York-based law firm with attorneys representing investors and consumers.
Attorney advertising. Prior results do not guarantee similar outcomes.
Moore Kuehn, PLLC
Fletcher Moore, Esq.
30 Wall Street, 8th Floor
New York, New York 10005
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