OneCoin plaintiff urges judge not to dismiss case after procedural errors

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The lead plaintiff in the class action lawsuit against alleged scam coin OneCoin has asked a judge not to scrap the case, following a number of missed procedural deadlines for reporting to the court.

The plaintiff Donald Berdeaux missed two consecutive deadlines for reporting to the court, risking the $4 billion lawsuit being thrown out by U.S. District Judge Valerie Caproni after he asked to show cause for continuing the action.

Responding on behalf of the plaintiffs, lawyers from Levi & Korinsky LLP said the plaintiffs have “invested a significant amount of time and effort in the action, completed service on all remaining defendants at this time, and are prepared to proceed with the litigation expeditiously.”

In requesting the case continues to proceed, they asked the court to set up a “telephonic conference” to discuss the next steps in the action.

“Provided that the Court allows Plaintiffs to proceed with this matter, Plaintiffs respectfully request that the stay currently in place in this Action be lifted and that the Court schedule a telephonic conference to discuss next steps.”

The news comes in a week where Federal prosecutors unsealed a fresh indictment against OneCoin co-founder Karl Greenwood dating back to 2018.

The complaint details allegations of alleged conspiracy to commit wire fraud. According to the complaint, Greenwood is alleged to have made false statements to procure investment in OneCoin:

“Greenwood, and others acting on his behalf, made and caused to be made false statements and misrepresentations soliciting individuals throughout the world [and] instructed individuals to transmit investment funds to OneCoin depository accounts in order to purchase OneCoin packages, […] resulting in the receipt of over $1 billion of investor funds into OneCoin[-]related bank accounts.”

It comes ahead of Greenwood’s trial in the U.S., with the pre-trial phase due to commence on June 3.