Jump Trading seeks to move Terra class action suit to California

Algorithmic and high-frequency trading firm Jump Trading is seeking to have the class action lawsuit against the firm moved from Illinois to a Northern district court in California, arguing that it would significantly speed up legal proceedings.

The lawsuit was

“This case is not the first — or even second or third — to be filed on these facts. Rather, multiple lead plaintiffs have been litigating these exact same events for nearly a year in the Northern District of California in Patterson v. Terraform Labs, Pte. Ltd.,” the defendants argued, adding:

“This case should be transferred to the Northern District of California for consolidation or coordination with Patterson.[…] This action is likely to move faster in the Northern District of California, which has a year head start.”

Cointelegraph has reached out to the plaintiffs for comment, and will update the article if they respond.

The TerraUSD/LUNA project collapsed in May 2022, wiping billions of dollars from the market.

The project’s founder Do Kwon was arrested in Montenegro in March for allegedly using false travel documents. He is potentially on the hook to serve prison time in both the U.S. and South Korea.

Korean media reports that for years, Do Kwon had secretly been sponsoring a prominent Montenegrin politician using illegal funds. Two days ago, a Montenegro high court approved Do Kwon’s bail request again, allowing for his release from prison. https://t.co/aNqYkKG70H

— FatMan (@FatManTerra) June 9, 2023