As a researcher with experience in the legal and financial industries, I am pleased to see that the Delaware Supreme Court has reversed the lower court’s ruling and allowed BitGo to move forward with its lawsuit against Galaxy Digital over the failed $1.2 billion merger agreement.
BitGo, the cryptocurrency custody company, has been given another opportunity to take legal action against Galaxy Digital following the Delaware Supreme Court’s decision to overturn a lower court’s dismissal of BitGo’s lawsuit. The two firms had agreed to merge for $1.2 billion, but the deal fell through, and now BitGo can pursue the case once more.
As a crypto investor closely following the BitGo case, I’m thrilled that the appeal ruling went in our favor. Now, with renewed optimism, I look forward to seeing how things progress in the Chancery Court.
In August 2022, BitGo brought a lawsuit against Galaxy for approximately $100 million in damages. The complaint alleged that Galaxy deliberately violated the May 2021 merger agreement when it became financially incapable of meeting the $1.2 billion price tag due to substantial losses during the crypto market downturn. However, Galaxy countered that BitGo was responsible for not providing the required audited financial statements on schedule and dismissed BitGo’s accusations as unfounded.
In June 2023, Vice Chancellor J. Travis Laster of Delaware Chancery Court determined that Galaxy had a legitimate reason to terminate the agreement based on the non-compliant financial documents provided by BitGo.
As a crypto investor, I’ve closely followed the legal battle between BitGo and the state over their merger agreement. After BitGo challenged the initial ruling, the Supreme Court acknowledged that the definition of “financial statements” in the agreement was unclear. Both parties presented valid interpretations of what constituted acceptable documentation. Ultimately, the court reversed its decision, providing a fresh perspective on this complex issue.
Galaxy Digital did not respond to CoinDesk’s request for comment by press time.
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2024-05-24 23:33