On August 25, 2016, the Honorable Kenneth A. Marra of the United States District Court for the Southern District of Florida entered an order certifying a class of Cryptsy account holders who are unable to access their cryptocurrency in a class action lawsuit.
The class action lawsuit claims that:
1. Defendant Project Investors, Inc. d/b/a Cryptsy (“Cryptsy”) and Paul Vernon (“Vernon”) stole and converted for their own use the cryptocurrencies of the Cryptsy account holders;
2. Defendant Lori Ann Nettles (“Nettles”) was unjustly enriched as a result of assets that she received that were purchased with the proceeds of cryptocurrency taken from the Cryptsy account holders during her marriage to, and in her divorce from, Vernon; and
3. Defendants Ridgewood Investments, Inc. (“Ridgewood”) and Kaushal Majmudar (“KM”) were unjustly enriched as a result of consulting fees they received from Cryptsy.
On April 24, 2016, the Court also appointed James D. Sallah, not individually but solely in his capacity as the Court-appointed Receiver, to act as the Receiver in this matter. The Receiver took control of Cryptsy, and worked with the lawyers for the plaintiffs in this class action to recover monies and assets for the Cryptsy account holders, which are part of the Settlements. Certain of the defendants have settled, and the litigation is proceeding against the remaining defendants. The purpose of this notice is to advise you of your rights with respect to (A) the settlement with certain defendants and (B) the continuing litigation against the remaining defendants.
If you are a Class Member, you have a right to participate in the settlements, and you have a right to participate as a class member in the continuing lawsuit against the remaining defendants. You do not have to choose between the settlement and the continuing litigation, and your rights with respect to each are independent.
Who’s Eligible
Class Members of the Cryptsy settlement include anyone who was a Cryptsy account holder between Nov. 1, 2015 and June 2, 2017, and held Cryptsy Bitcoins, alternative cryptocurrencies or other forms of money that you are unable to access, trade or otherwise obtain.
Potential Award
To Be Determined.
Each claimant who submits a timely and valid Claim Form will be allocated a pro ratashare of the net class action settlement fund based on the value of the claim compared to the total number of valid claims filed.
Proof of Purchase
Claimants must provide details about their holdings at Cryptsy between Nov. 1, 2015 and June 2, 2017.
Claim Form Deadline
4/17/2017
Case Name
Leidel, et al. v. Project Investors Inc., Case No. 9:16-cv-80060, in the U.S. District Court for the Southern District of Florida
Final Hearing
6/2/2017
Settlement Website
Claims Administrator
Cryptsy Claims Administrator
1801 Market Street, Suite 660
Philadelphia, PA 19103
Phone: 1-888-868-4936
Fax: 1-215-525-0209
Class Counsel
Marc A. Wites
WITES & KAPETAN PA
David C. Silver
SILVER LAW GROUP
Defense Counsel
Mark A. Levy
BRINKLEY MORGAN
Jose G. Sepulveda
STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON PA
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