Cases & Deals

HDR Global Trading obtains dismissal with prejudice in 33-count lawsuit

Clients HDR Global Trading Limited

Jones Day client HDR Global Trading Limited ("HDR"), the Seychelles-incorporated owner and operator of the BitMEX cryptocurrency derivatives trading platform, obtained dismissal with prejudice of a 33-count lawsuit alleging violations of the Commodity Exchange Act, RICO, and various California statutory and common law claims.

HDR and its co-defendants successfully obtained a stay of discovery and moved to dismiss the complaint for failure to state a claim and lack of Article III standing. The court granted in full defendants' first motion to dismiss, though with leave to amend. In granting defendants' second motion to dismiss with prejudice and entering judgment in favor of defendants on all claims, the Northern District of California found plaintiffs' market manipulation and related fraud allegations speculative and implausible, and that plaintiffs failed to connect defendants' alleged conduct to the claimed losses. Jones Day continues to represent HDR and its U.S. subsidiary in similar litigation pending in California state and federal courts.

BMA LLC, et al. v. HDR Global Trading Limited, et al., Case No. 20-cv-03345-WHO (N.D. Cal.)