“Supreme Court rules in favor of Coinbase in arbitration dispute”
June 23, 2023
“The U.S. Supreme Court on Friday backed cryptocurrency exchange Coinbase Global Inc ’s bid to halt customer lawsuits while it pursues appeals aimed at moving the disputes out of courts and into private arbitration, which businesses often prefer over litigation.
The justices, in a 5-4 decision, overturned a lower court’s ruling involving a user who sued after a scammer stole money from his account. The lower court had let a proposed class action lawsuit proceed while Coinbase pressed its appeal contending that the claims belong in arbitration. The justices dismissed a second case that Coinbase had asked it to review.
Companies generally prefer to arbitrate claims because the process is cheaper and faster than litigation in court, which can be harder to fight and carries a greater risk of hefty damages awards…”
https://www.cnbc.com/2023/06/23/supreme-court-rules-in-favor-of-coinbase-in-arbitration-dispute.html