Bitcoin traders settle class actions over failed Mt. Gox exchange

U.S. and Canadian customers of failed Tokyo-based bitcoin exchange Mt. Gox have agreed to settle their proposed class action lawsuits that alleged the company defrauded them of hundreds of millions of dollars. The class action plaintiffs agreed to support a plan by Sunlot Holdings to buy the shuttered exchange and accept their share of bitcoins still held by Mt. Gox, according to a statement and court filings. "BEST OPTION" Once the world's biggest bitcoin exchange, Mt. Gox is slated to be liquidated after the Tokyo District Court granted the company's request to abandon plans to revive its business. In return for settling separate class actions, the U.S. and Canadian customers will share in a 16.5 percent stake after Mt. Gox is sold to Sunlot, a firm backed by child actor-turned entrepreneur Brock Pierce and venture capitalist William Quigley.

via Tech News Headlines - Yahoo News http://ift.tt/1jbqHMq