Qoin class action approaches crucial date in Federal Court

A drawn-out class action against the digital currency Qoin may soon reach a close, with those alleging misleading conduct required to pay security for court costs as a condition of continuing their claim. Key points: Court proceedings have been stayed with the class action required to provide security costs of $750,000 by 4pm on October 7 The class action claims its members suffered loss and damage due to alleged Qoin misrepresentations and illiquidity About 300 people joined the class action since it was launched in November 2021 Federal Court Justice Rodger Derrington has ordered the class action's lead applicants Its Eco Pty Ltd and Bethany Joy McManus to provide $750,000 to the court in security for the legal fees of the entities behind Qoin by Friday afternoon. Basis for action In a written decision that determined whether the class action should provide the security costs, Justice Derrington stated its members alleged that they were "induced by certain express and implied misrepresentation to acquire or invest" in Qoin. Justice Derrington stated there was a "persuasive onus" on the class action applicants to demonstrate "at least to some degree" that they had suffered a loss.