In a disappointing news for the Canadian customers of the now defunct Mt Gox bitcoin exchange, the Ontario Superior Court of Justice has dismissed a class action lawsuit against the exchange.
A notice on the website of Charney Lawyers PC, the attorneys handling the lawsuit states that the class action seeking damages related to the loss of bitcoins as well as fiat currency on behalf of the Canadian residents in October 2014 was filed against MtGox Inc., Mt Gox KK, Tibanne KK, Mt Gox North America Inc., Mizuho Bank Ltd, Mark Karpeles, and Jed McCaleb. The class action in front of the Ontario Superior Court will be dismissed with the consent of all parties by June 17, 2016.
With the possibility of pursuing a class action lawsuit against Mt Gox now out of the table, Charney Lawyers PC state that those who wish to still pursue an individual claim can do so, provided that they initiate the proceedings as per the limitations periods stated by the jurisdictional courts for such an action. The limitation period may vary from jurisdiction to jurisdiction and those who are willing to go ahead with individual claims should have their own counsel to represent the case.
Following the collapse of Mt Gox due to alleged theft of bitcoins by the hackers combined with the mismanagement and embezzlement on Mark Karpeles’ part, the exchange users have lost about 744,400 bitcoins, valued at about $350 million. The investigation into the incident carried out by the Japanese law enforcement authorities and Payward Inc., the company operating Kraken cryptocurrency exchange has not yielded much results as of yet. However, Mt Gox’ court-appointed trustee had recently stated that the investigation report will soon be made available to the public. Once the report is released, we will be able to know more about what really happened with Mt Gox and whether there is a possibility of recovering the investors’ money.