Ex-Mt. Gox CEO Mark Karpeles wants lawsuit dismissed

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Mark Karpeles has asked a federal court to conclude a long-running lawsuit against him by dismissing the action, according to court submissions.

The ex-CEO of the controversial ex-cryptocurrency exchange Mt. Gox said that as the plaintiff had admitted that all claims were either untrue or unsupported by sufficient evidence, he was entitled to summary judgement.

A summary judgement would mean the case would be judged in Karpeles’ favor without the need for trial, a process which can only occur when there is “no genuine issue as to any material fact,” Cointelegraph reported.

As a matter of law, lawyers for Karpeles contend that he is entitled to summary judgement in his favor, after lead plaintiff Gregory Greene made the submissions about his contentions of fact.

In court papers filed in Chicago, representatives for Karpeles said it was time to end the litigation and to find in favor of the former Mt. Gox chief.

After the resolution of the claims against the other defendants in mid-2018, rather than withdrawing claims based on allegations that Mr. Greene readily admitted in subsequent discovery were not true or unsupported, Mr. Greene doggedly pursued these claims. The time has come to end this litigation in its entirety.

The submission goes on to argue that Greene has failed to establish a reasonable duty of care, and in the absence suggest that alone merits summary judgement in favor of Karpeles:

“Where there is an absence of Illinois law recognizing a particular duty, the Court ‘generally choose[s] the narrow interpretation which restricts liability, rather than the more expansive interpretation which creates substantially more liability.”

The development is only the latest turn of events in a colorful few years for the former crypto exchange boss.

Once the largest crypto exchange in the world, the collapse of Mt. Gox following a large scale hack sent shockwaves through the cryptocurrency world, as well as causing the value of BTC to plummet.

Court-appointed trustees are still administering the estate of the exchange on behalf of its users, many of whom are still waiting for the return of monies lost when the exchange collapsed.