Second Circuit Revives Silver Golub & Teitell Securities Class Action Against Coinbase

April 12, 2024

A federal appeals court has reinstated a case on behalf of cryptocurrency investors who traded on the Coinbase platform. The lawsuit, Underwood v. Coinbase Global Inc., contends that Coinbase has been illegally operating an unlicensed securities exchange.

In its ruling on April 5, the U.S. Court of Appeals for the Second Circuit said some Coinbase contractual agreements indicated users were buying tokens directly from Coinbase, overturning a lower court ruling that Coinbase did not hold title to coins being traded on its website. The unanimous order also reinstated some state law claims contained in the lawsuit.

Law360 named Silver Golub & Teitell and co-counsel among its Legal Lions of the Week for the win. Partner Steven Bloch leads the Silver Golub & Teitell team representing the plaintiffs.

The coverage is available here:

Law360: Law360's Legal Lions of the Week (subscription required)

Law360: 2nd Circ. Revives Coinbase Securities Class Action (subscription required)