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☆ Supreme Court rules in favor of Coinbase in arbitration dispute
▼ + stars: | 2023-06-23 | by ( ) www.cnbc.com time to read: +2 min

The justices, in a 5-4 decision, overturned a lower court's ruling involving a user who sued after a scammer stole money from his account. The lower court had let a proposed class action lawsuit proceed while Coinbase pressed its appeal contending that the claims belong in arbitration. The suit accused the company of violating the Electronic Funds Transfer Act by not investigating or recrediting Bielski's account. In both cases, federal judges refused to force the claims into arbitration, as the company argued the user agreements required. Circuit Court of Appeals in 2022 refused the company's requests to put further litigation on hold pending those appeals.

Persons: Coinbase, Brett Kavanaugh, Kavanaugh, irretrievably, Clarence Thomas, Abraham Bielski, duping Organizations: U.S, Supreme, Conservative, Circuit Locations: California, dogecoin, San Francisco

The justices, in a 5-4 decision, overturned a lower court's ruling involving a user who sued after a scammer stole money from his account. The lower court had let a proposed class action lawsuit proceed while Coinbase pressed its appeal contending that the claims belong in arbitration. The justices dismissed a second case that Coinbase had asked it to review. It makes sense that lower court litigation should be paused while an appellate court decides whether a case belongs in court at all." In both cases, federal judges had refused to force the claims into arbitration, as the company argued the user agreements required.

Persons: Coinbase, Brett Kavanaugh, Kavanaugh, irretrievably, Clarence Thomas, Ketanji Brown Jackson, Jackson, Katherine Minarik, Minarik, Abraham Bielski, duping, Andrew Chung, John Kruzel, Will Dunham Organizations: U.S, Supreme, Conservative, Liberal, Circuit, Thomson Locations: California, dogecoin, San Francisco, New York, Washington

Four former Coinbase users had sued Coinbase, claiming the company duped them into paying $100 or more to enter a sweepstakes in June 2021 for a chance to win prizes of up to $1.2 million in the cryptocurrency Dogecoin. Friday's ruling came a week after the U.S. Supreme Court agreed to review a procedural issue from that and another case that Coinbase unsuccessfully sought to force into arbitration. Business groups say arbitration is more efficient than suing in court. Plaintiffs' lawyers say arbitration favors companies and that consumers are better off in court. A judge put the proceeding in the sweepstakes case on hold pending appeal, but only after Coinbase asked the Supreme Court to hear the dispute.

☆ Supreme Court takes Coinbase appeal over crypto lawsuits
▼ + stars: | 2022-12-09 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

The Supreme Court on Friday agreed to hear an appeal by the major crypto exchange Coinbase , which is seeking to have two customer lawsuits against the company resolved by private arbitration, not by a federal court. "We are gratified the Supreme Court agreed to hear our appeal, and we look forward to its resolution of this matter," a Coinbase spokesperson said. But the case might be the first taken by the Supreme Court involving a cryptocurrency company. "It's the first one I've known of, for sure," said Glenn Chappell, an attorney for Abraham Bielski, one of the Coinbase customers who is suing the company. "It may very well be the first one," he said.

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