US Court Dismisses BitGo’s Lawsuit Against Galaxy Digital

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A US court has dismissed a lawsuit filed by BitGo against Galaxy Digital regarding a failed merger previously agreed upon in 2021.

In Company Feedback In the terminated merger agreement, BitGo alleged that Galaxy Digital failed to uphold its end of the bargain, saying that the company “needs to hold Galaxy Digital legally responsible for its improper decision to terminate the merger agreement.” intends,” with a lawyer representing the company that “either Galaxy has to pay BitGo a termination fee of $100 million, as promised or it is acting in bad faith and more than that or is facing the loss of more.”

At the time of termination, Galaxy Digital cited BitGo’s failure to deliver audited financial statements for 2021 that complied with the requirements of the settlement. According to court documents released on June 9, it was a “legal groundsfor the decision to terminate the merger, and it effectively canceled the termination fee.

“We are pleased with the court’s decision to dismiss BitGo’s claims,” a statement Read Created by Galaxy Digital on Twitter. “Now is the time for all of us to come together and focus on the task at hand: upgrading the global financial system in a way that fosters innovation and protects investors and consumers alike.”

Just last week, it was announced that BitGo had entered into a preliminary agreement to acquire Prime Trust, its primary US competitor. Although the details of that merger have not yet been made public, the industry had widely speculated in recent days that Prime Trust had encountered financial troubles. so the deal is done seen as a relatively good thingTo avoid what could be the impending failure of another large firm.