US Court Throws Out Class Action Lawsuit Against Tether and Bitfinex

The Southern District of New York court has dismissed a class action lawsuit against stablecoin issuer Tether and its affiliated company Bitfinex. The lawsuit alleged that Tether's stablecoin USDT was not backed one-to-one with US dollars. The court found that the complaint lacked plausible allegations of injury and had no legal merit. Tether has stated that it remains focused on delivering on its promises and protecting its customers and community.