Albert Parks and Faramarz Shemirani, who were both co-lead plaintiffs in the BitConnect class action, have decided to drop it.
On November 22, Parks and Shemirani filed a Notice of Voluntary Dismissal. At the time this article was written, the court had not yet sent out a response filing that confirmed the notice.
I don’t see why the court wouldn’t, though, so the BitConnect class action is over in all but name.
This is typical of civil cases that are filed in the US at the same time as regulatory cases.
In the case of BitConnect, the class-action lawsuit was up against criminal charges from the DOJ and a civil fraud lawsuit from the SEC.
In their filing, Parks and Shemirani don’t say why they decided to quit on their own. I think, though, that it was because a settlement was “unlikely,” as was said back in July.
It looks like people finally got it that it doesn’t make sense to keep going to court when you’re losing in parallel regulatory proceedings.
If we hear anything else, we’ll let you know. If nothing else comes up, this is the end of BehindMLM’s coverage of the BitConnect class-action lawsuit.