2 Class Actions Are Transferred to FTX Collapse MDL in Southern Fla. Court

Two class actions were transferred to In Re: FTX Cryptocurrency Exchange Collapse Litigation in conditional transfer order 5 (CTO-5) (3076), said a clerk’s order Tuesday at the Judicial Panel on Multidistrict Litigation. Edwin Garrison et al v. Riot Games (docket 2:24-cv-01841) and Garrison et al v. Lincoln Holdings (docket 1:24-cv-00655) involve questions of fact that are common to the actions previously transferred to the MDL and assigned to U.S. District Judge Michael Moore for Southern Florida in Miami, it said. The fraud actions allege sports and entertainment defendants used the now-bankrupt FTX global cryptocurrency exchange to participate in FTX Group’s “massive, multi-billion-dollar global fraud” (see 2403080048). The transmittal of the order is stayed seven days for any party to file a notice of opposition, it said. On June 5, the JPML transferred five actions to the Florida court for coordinated or consolidated pretrial proceedings; since then, 17 additional actions have been transferred to the MDL, the order said.