Litigation concludes when both parties consent to the dismissal of allegations and the associated sanctions against one another.
Reuters reported on Friday that a group of crypto investors who accused Elon Musk of manipulating Dogecoin’s prices has decided to withdraw their appeal against an August court annulment of their case. They sought $258 billion in damages at the outset and revised their complaint on numerous occasions over the course of two years.
Both parties have consented to withdraw their respective motions to sanction the legal teams of the other. The investors had previously requested sanctions against Musk’s attorneys, alleging that they were interfering with the appeal process. In the interim, Musk and Tesla had submitted a motion to sanction the attorneys of the investors for their pursuit of a “frivolous” case that they deemed to be “extorting a fast handout” and characterized by a constant evolution of legal theories.
On Thursday, both parties submitted a stipulation in Manhattan federal court, which dismisses the appeal and related motions, pending approval by US District Judge Alvin Hellerstein.
According to the lawsuit, Musk employed Twitter posts, an appearance on NBC’s “Saturday Night Live,” and other public activities to trade Dogecoin at the expense of investors.
Judge Hellerstein dismissed the case on August 29, concluding that Musk’s assertions regarding Dogecoin as the future currency and its transportation to the moon did not provide sufficient evidence to support fraud allegations.
The judge also stated that he did not comprehend the claims of covert trading and market manipulation made by investors.
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