Tether-affiliated crypto exchange Bitfinex is battling a new class action complaint, accounted by the firm to be both "mercenary and baseless."

In an declaration published on Nov. 24, the exchange revealed the lawsuit was filed confronting both companies in the Us Commune Court for the Western Commune of Washington 2 days prior, on November. 22 — allegedly without advance notice.

Bitfinex: no "nuisance settlements" will exist reached

Bitfinex'due south post uses sharp language to cast aspersions on the motivation and legitimacy of the fresh legal activity. The exchange compares the purportedly "copycat lawsuit" to 1 filed before this fall, at the Commune Court for the Southern District of New York.

The new action, Bitfinex claims, "suffers from the same multitude of deficiencies," makes claims that are  "similarly without merit" and is based on what it considers to be "artificial enquiry." The language remains steel-tipped, as the annunciation continues to state:

"As we predicted last calendar month, mercenary lawyers continue to endeavor to use Bitfinex and Tether to obtain a payday. To be clear, in that location will exist no nuisance settlements or settlements of whatever kind reached."

Bitfinex says information technology will vigorously contest the claims raised past both this and the prior lawsuit, claiming information technology will succeed to ultimately trounce the allegations in due class.

Should this succeed, Bitfinex and Tether will fully evaluate their legal options against the plaintiffs, the announcement reveals.

The companies characterize the lawsuits every bit an "attack on the growth, success and innovation of the unabridged digital token ecosystem," in which it says it is proud to play a "disquisitional part." Their fight, they state, "is the community's fight."

The annunciation also redoubles the companies' denial that Tether tokens or issuance have e'er been used to dispense the cryptocurrency markets. It also refutes the allegations that Tether as well every bit persistent allegations the token is non backed i:1 by the U.South. dollar.

The exchange is already fighting its case on crypto Twitter, with Bitfinex CTO Paolo Ardoino maxim he "tin't expect to demolish this one too."

Mired in legal battles

As reported, Bitfinex, its operator iFinex and stablecoin issuer Tether have been defendant by the New York Attorney General'due south part to have lost $850 million of the commingled customer and corporate funds and to take subsequently engaged in a cover-up to hide the credible loss.

In October, the U.S. Attorney'due south Office for the Southern District of New York indicted the principal of controversial Panama-based shadow payment processor Crypto Majuscule on three criminal counts. Crypto Capital had, in the exchange's ain words, "processed certain funds for and on behalf of Bitfinex for several years." Bitfinex has argued it is itself a victim of the fraud.