RE: Justin Sun Conversation with Witnesses Is Online. @Ned Sold Out The Community - Failed to Disclose. by apshamilton

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steem · @apshamilton · Mar 4 '20

$0.13

They will be hit with a class action lawsuit if they do. @jpbliberty will organise it.

👍 jpbliberty, hamismsf, vikisecrets

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@bmanmcfly · Mar 4 '20

Sounds great.  Like the time I tried to sue a company for not paying my paycheck.  

He shuttered the company, reopened under a new name the next week and I was out a significant chunk of change with no (legal) recourse.  What prevents that?

👍 starworld

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@apshamilton · Mar 4 '20

$0.12

This can sometimes happen with small businesses with no real assets, but there are laws against it.
Large exchanges with licences and huge asset bases can't practically do this.

👍 hamismsf, jpbliberty, brianoflondon

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@starworld · Mar 5 '20

"This can sometimes happen with small businesses with no real assets, but there are laws against it."

What "laws" are those? There are no laws against a company shutting down in order to escape some liability that it may have. It happens every day! 

"Large exchanges with licences and huge asset bases can't practically do this."

Perhaps not! But do you realize just how low the chances are of ever winning such a lawsuit against a giant company like Binance? Do you know how many lawsuits are on the books against companies like Microsoft, Google, Amazon, and other such giants? Such companies have teams of lawyers who can make sure that cases are never heard before the plaintiffs either go broke, give up, or just die.

👍 bmanmcfly

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4 replies

@joeyarnoldvn · Mar 4 '20

Well, what the exchanges did already was illegal.

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@starworld · Mar 5 '20

"Well, what the exchanges did already was illegal."

Says who? I'm sure these exchanges have their own teams of lawyers who see otherwise.

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@joeyarnoldvn · Mar 5 '20

Do you like robbery?

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9 replies

@starworld · Mar 5 '20

"They will be hit with a class action lawsuit if they do."

First of all, no one has enough Steem value to start a class-action lawsuit against a giant such as Binance. They would likely go broke before they would ever see a dime from such a lawsuit even if they had the potential of winning. And even if they won, they would likely never receive enough to cover all their legal expenses, let alone anything else.  And secondly, the whole cryptocurrency industry is still seen as being rather shady, so it would be very unlikely that a Court would grant class-action status to a such a claim in the first place. Obtaining a judge that even understands the crypto industry would not be an easy task.

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