A federal district court in the U.s.a. has dismissed a securities fraud class action against State of israel-based cryptocurrency business firm Bancor.

U.S. district judge Alvin Hellerstein ruled on Monday to dismiss a case against Bancor, stating that plaintiffs had failed to criminate losses likewise equally citing lack of personal jurisdiction. The judge has also canceled an oral argument scheduled for March iv, 2021, entering judgment in favor of the defendants.

The case was brought by New York constabulary firms Roche Cyrulnik Freedman and Selendy & Gay in April 2020, alleging that the Bancor protocol developer, BProtocol Foundation, violated federal and land securities laws in the U.S. by selling unregistered securities.

According to a filing seen past Cointelegraph, the court plant that activities promoting the BNT token were not sufficient to give the court jurisdiction over the BProtocol Foundation. "The Court lacks personal or specific jurisdiction over the Defendants, and the case should be dismissed because of forum non conveniens," the document reads.

The filing mentions that the BProtocol Foundation is operating under the law of Switzerland, with offices in Zug and Israel. The instance's plaintiff, Timothy Holsworth, alleged that he purchased 587 BNT tokens in 2019 from Wisconsin via a digital exchange in Singapore at an aggregate cost of $212.50. Despite Holsworth allegedly being able to buy BNT tokens from the U.Due south., the judge stated that the jurisdiction is non advisable:

"The federal securities laws do non reach a purchase and sale outside the United states [...] Wherever the electric current business location of Bancor, New York is not a reasonable and convenient place to conduct this litigation."

The judge also stated that Holsworth has failed to provide evidence that BNT coins declined in value. Furthermore, the plaintiff did not plausibly allege that the tokens were purchased from Bancor or in connection with its $153 meg initial money offering completed in June 2017.

The latest court decision marks the latest ruling in a serial of similar cases filed by investors represented by Roche Cyrulnik Freedman and Selendy & Gay. Every bit previously reported past Cointelegraph, the law firms also represent similar filings against the world'south largest crypto exchange Binance, BitMEX, KuCoin, Cake.ane and others.

The firm is as well involved in the lawsuit against Craig Wright, a cocky-proclaimed creator of Bitcoin (BTC), representing the estate of Ira Kleiman. The estate seeks 50% of Wright's $1.one one thousand thousand Bitcoin fortune, which the claimant argues rightfully belongs to them.