The Delaware Supreme Courtroom has overturned a decrease court docket’s ruling that dismissed BitGo’s $100 million lawsuit in opposition to Galaxy Digital following a botched acquisition.
In a Could 22 submitting, the Delaware Supreme Courtroom mentioned the wording of the $1.2 billion BitGo-Galaxy Digital merger settlement, which the latter canceled in August 2022, was “ambiguous.” The state Supreme Courtroom concluded that it might reverse the choice of the Delaware Courtroom of Chancery “to contemplate such extrinsic proof as could also be essential to resolve this ambiguity.”
The profitable attraction, first filed on February 7, would seemingly enable BitGo to take one other chunk on the apple to file a lawsuit in opposition to Galaxy Digital. In a lawsuit from August 2022, the agency alleged that Galaxy dedicated a “willful breach” of the acquisition settlement. On the time, Galaxy claimed it had the appropriate to again out of the deal after BitGo failed to supply audited monetary statements for 2021.
“We consider that justice prevailed on attraction and we’re happy to maneuver ahead with this case within the Courtroom of Chancery,” R. Brian Timmons, a associate on the legislation agency Quinn Emanuel representing BitGo, informed Cointelegraph concerning the court docket’s determination. .
On the subject: BitGo raises $100 million after shedding lawsuit in opposition to Galaxy
The Delaware Courtroom of Chancery dismissed the BitGo case with prejudice in June 2023. Vice Chancellor J. Travis Luster mentioned on the time that Galaxy had a “clear proper to terminate” the BitGo acquisition. A Galaxy spokesperson informed Cointelegraph in response to the Could 22 determination that the agency will “proceed to vigorously defend itself” and is “assured within the deserves of our case.”
Galaxy, led by Mike Novagratz, introduced its intention to amass BitGo in Could 2021 as a part of a US public providing. In November 2022, amid the collapse of the FTX cryptocurrency change, Galaxy introduced about $77 million price of firm publicity earlier than FTX filed for chapter.
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Replace (Could 24 at 22:12 UTC): This text has been up to date to incorporate an announcement from Galaxy Digital.