BlockFi Crypto Investments Class Action
Claim Form Deadline: Pending
Estimated Payout: Varies
Proof required: Yes
What's This About?
On March 1, 2022 a class action lawsuit was filed against BlockFi Inc. ("BFI"). BFI is a financial services company that generates revenue through cryptocurrency lending, borrowing, and trading. Plaintiffs in the lawsuit alleged that BlockFi violated the Securities Act of 1933. Specifically, the class action alleges that since March 4, 2019, BFI has been funding its lending operations and proprietary trading through the sale of unregistered securities (“Crypto Interest Account” or “BlockFi Interest Account” known collectively as “BIAs”) in the form of cryptocurrency interest-earning accounts.As of December 8, 2021, BlockFi and its affiliates held approximately $10.4 billion in BIA investor assets, and had approximately 572,160 BIA investors, including 391,105 investors in the U.S. The New Jersey Bureau of Securities issued a cease-and-desist order to BFI in July of 2021 ordering them to stop the offer and sale of unregistered securities. This order did not preclude entities from paying interest on existing BIAs or refunding principal to the BIA Investors.
On February 14, 2022, the U.S. Securities and Exchange Commission charged BlockFi with failing to register the offers and sales of its retail crypto lending product. In an attempt to settle these charges, BlockFi agreed to pay $50 million dollars in penalty fees AND agreed to stop unregistered offers and sales of the lending product and BlockFi Interest Accounts (BIAs). Recently, BlockFi agreed to pay an additional $50 million in fines to 32 states to settle similar charges.
How Do I Qualify?
The Private Securities Litigation Reform Act of 1995 allows individuals who enrolled in a BlockFi Interest Account/Crypto Interest Account to be a lead plaintiff in the BlockFi class action lawsuit. Typically, the lead plaintiff is the person with the greatest financial loss. That person then represents all class members as the lead class representative.How Do I Participate?
This class action investigation is currently not accepting any new claimsYou must submit a form to qualify for a potential payout. The operating law firm will gather information, answer your questions, and evaluate your case promptly. You will have 24-hour access to one of their staff members to text or call so that you never feel out of the loop throughout the entire litigation process and after. Their attorneys have extensive experience with class actions and have delivered real results time and time again.
How Do I Find Class Action Settlements?
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