Roche Freedman's Problems Continue
It doesn't look like Roche Freedman's problems will be going away soon.
In an astonishing turn of events, two law firms have filed a motion to remove Roche & Associates from the Tether and Bitfinex Crypto Asset Litigation. This comes after one of the firm's founding partners, Kyle Roche, made some stunning claims while inebriated. Kirby McInerney LLP and Radice Law Firm, P.C. have both submitted documents to the court this week in an effort to remove Roche & Associates from the case. This is a developing story and we will provide updates as more information becomes available.
It is alleged that Tether and Bitfinex manipulated the market by issuing unbacked USDT. However, Kirby and Radice are representing three plaintiffs in the case who believe that this was not the case. They believe that the market was not manipulated and that the issuance of unbacked USDT was not done with the intention of manipulating the market.
Roche Freedman to be Removed Following Request
The document in question raises serious concerns about the ability of the proposed class to move forward with their claims. This could hamper discovery and class certification, and ultimately damage the chances of success for the class.
“For the benefit of the putative class, the Court should remove Roche Freedman and appoint Kirby and Radice as interim lead counsel. Unless Roche Freedman is removed as interim co-lead counsel, the inquiry into the adequacy of lead counsel’s representation in this and other litigations will prejudice the rights of the putative class.”
I believe that the removal of Roche Freedman and the instituting of Kirby and Radice would help protect the litigation from accusations of bias or mismanagement. The new leadership structure proposed by the two firms would help to avoid any potential sideshow that could occur if Roche Freedman remained involved.
I find it very disappointing that Roche Freedman would take such an extreme measure as disqualifying an entire class action practice group in response to one case. This seems like an overreaction that will only serve to harm the firm's reputation.
The law firm representing the plaintiffs in a class action lawsuit against Roche Holding AG stated that Roche will not receive any portion of the proceeds from the litigation, and that the firm's disqualification will benefit other movants. The law firm argued that the five named plaintiffs who actually retained the firm stand to lose the most if deprived of their counsel of choice.
The CryptoLeaks Exposé: How One Hacker Took Down an Entire Cryptocurrency
According to the major expose of CryptoLeaks, Roche allegedly struck a secret pact with Avalanche developer – Ava Labs – to leverage litigation as a weapon against its rivals. A series of secretly-recorded videos shows the attorney describing himself as Ava Labs’ in-house crypto expert. This is a troubling development in the world of cryptocurrency, as it appears that one company is using the legal system to stifle competition. This could have far-reaching implications for the industry as a whole, and it will be interesting to see how this story develops in the days and weeks to come.
It's clear that the person responsible for keeping the SEC distracted is none other than Wall Street banks themselves. They know that if the SEC were to start actually cracking down on them, it would be game over. That's why they're doing everything they can to keep the SEC's attention elsewhere. But eventually, their scheme will unravel and they'll be forced to face the consequences of their actions.
It is disappointing to see an attorney resort to making false statements in an attempt to impress others. However, it is encouraging to see that attorney take responsibility for his actions and withdraw from multiple class-action lawsuits as part of damage control efforts. This shows that he is willing to take responsibility for his actions and make things right.
As the cryptocurrency industry continues to grow and evolve, so too do the legal issues surrounding it. One such issue that has come to light recently is the Tether-Bitfinex case, in which two law firms have requested that Roche Freedman be disqualified from representing Tether.