Posts tagged LLC.
On September 11, the SEC announced a pair of settled cryptocurrency enforcement actions. The first was against an unregistered digital-asset hedge fund. The second shut down an "ICO Superstore" as an unregistered broker-dealer.
Crypto Asset Management LP ("CAM") ran an unregistered investment company while falsely marketing it as the "first regulated crypto asset fund in the United States." The unregistered offering raised $3.6 million over four months in late 2017, violating the '33 Act. Because the offering proceeds were used to buy digital assets that constituted over 40% of ...
Posted in: Cryptocurrency, SEC
The Class Action Fairness Act of 2005 ("CAFA") outlines the federal courts' diversity jurisdiction over class actions. Among other things, it increased the amount in controversy to $5 million (28 U.S.C. § 1332(d)(2), (6)), and rather than complete diversity, only requires one plaintiff be diverse from one defendant (28 U.S.C. § 1332(d)(2)). In a recent case, the issue arose as to whether the defendant merely had to allege jurisdictional facts to support removal of the matter to federal court, or whether it had to submit evidence to support, for instance, the amount in controversy ...
Posted in: Third Circuit Court
Tags: CAFA, Class Action Fairness Act of 2005, LLC, Owens v. Dart Cherokee Basin Operating Company, supreme court, U.S. Supreme Court