Coinbase agrees to pay $2.25 million in settlement to end dogcoin lottery litigation
Internet reports that Coinbase and marketing company Marden-Kane recently agreed to pay a $2.25 million settlement to settle a class-action lawsuit that has lasted for years. The lawsuit alleges that Coinbase failed to explicitly inform users that they could participate for free during the dogcoin trading lottery held in June 2021, and was suspected of false publicity. According to the settlement agreement, U.S. users who trade at least $100 of Dogecoin during the event will receive compensation for the handling fee and price difference incurred for their first transaction. Data shows that Coinbase earned approximately US$1.3 million in fee income through related transactions during the event. The lawsuit began in 2021. Plaintiff David Suski claimed that he still traded through Coinbase even though he already held Dogecoin because he failed to discover the free participation clause in the event. The U.S. Supreme Court rejected Coinbase's request for mandatory arbitration last year.
Disclaimer: The views in this article are from the original Creator and do not represent the views or position of Hawk Insight. The content of the article is for reference, communication and learning only, and does not constitute investment advice. If it involves copyright issues, please contact us for deletion.