Silver Golub & Teitell LLP has been appointed co-lead counsel on behalf of a putative class of users of the digital asset trading platform operated by Coinbase Global, Inc., alleging that Coinbase has been illegally operating an unlicensed securities exchange.
The plaintiffs, on behalf of themselves and the proposed class of digital asset investors, are seeking rescissory damages under federal securities laws and state laws.
In April 2024, a unanimous panel of the Second Circuit Court of Appeal ruled that claims under the U.S. Securities Act and the laws of California, Florida and New Jersey could move forward, and in February 2025 U.S. District Judge Paul Engelmayer denied Coinbase’s motion for judgment on the pleadings.
The case is Underwood v. Coinbase Global, Inc., No. 21-cv-08353, and is pending before Judge Engelmayer in the U.S. District Court for the Southern District of New York.
