Litigation & Arbitration
Sep. 16, 2024
Coinbase can't compel arbitration for plaintiffs seeking injunction
An appellate court has upheld a San Francisco Superior Court decision drawing a distinction between cases where plaintiffs seek monetary damages and those seeking other types of relief.
A three-judge panel for the 1st District Court of Appeal unanimously ruled on Friday that Coinbase Inc., a cryptocurrency exchange, could not compel arbitration in a false advertising lawsuit because the plaintiffs are only seeking a public injunction and not monetary damages.
The dispute stems from the plaintiffs' allegations that Coinbase misrepresented its "bank level" cybersecurity measures to induce customers to trust the platform with their cryptocurrency asset...
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