Ontario Superior Court of Justice Dismisses Class Action Against Mt.Gox

The Ontario Superior Court of Justice has tossed out a class action lawsuit filed by Canadian citizens who were victims in the Mt.Gox fraud. The suit was filed in 2014 against several business entities tied to the scam in Japan and North America: MtGox Inc., Mt. Gox KK, Tibanne KK, Mt. Gox North America Inc., Mizuho Bank, Ltd., Mark Karpeles and Jed Mccaleb.

According to a notice posted by Charney Lawyers, a Toronto-based law firm specializing in class action litigation, Canadian residents were hoping to retrieve fiat currency and bitcoin deposits that were in possession of the Japanese digital currency exchange when it collapsed in February, 2014.

The notice informs claimants that the suit will be officially dismissed by the Superior Court on June 17, 2016, however, individual claims may still be pursued if the statute of limitations has not expired:

“In some jurisdictions, the limitations period will have been tolled from the time the class action was commenced to the time it was dismissed. The limitations period will now continue running. We advise you to retain your own counsel as soon as possible.“

In March of this year, US District Judge Gary Feinerman, allowed a class action suit against Japanese bank Mizuho, which handled fiat currency deposits for Mt. Gox before it collapsed, to be moved to California where it could proceed.

Mt.Gox collapsed with roughly 700k+ in bitcoin deposits. Nobuaki Kobayashi, Bankruptcy Trustee in charge of recovering funds for Mt.Gox clients, has managed to recover only about 202,163 of the missing bitcoin so far.


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