The Supreme Court of Nova Scotia has ordered Canadian law companies Miller Thomson and Cox & Palmer to represent customers of cryptocurrency exchange QuadrigaCX in forthcoming proceedings. The ruling was proclaimed during a court filing published on February. 19.
On Tuesday, Justice Michael Wood rendered a decision that Miller Thomson and Cox & Palmer can act as lead counsel to represent the representative committee of users of Canada’s major cryptocurrency exchange Quadriga.
Specifically, the representative counsel are liable for “managing communications with users; acting as user liaison for the monitor [Ernst & Young]; advocating for user interests before the court; identify[ing] potential conflicting interest amongst users; and advocating for user privacy.”
In the filing, Wood says that the proceedings ought to target potency and price effectiveness, which the counsel mustn't have open-ended retainers and undertake inquiries where they'll precise fees from the exchange’s assets. The filing additional explains:
“Representative counsel will build the proceeding additional economical and price effective for all parties by providing a transparent mechanism for communication with the stakeholders and avoiding a multiplicity of potentially conflicting retainers.”
While the following hearing is scheduled on March 5, 2019, Justice Wood declared within the filing that he “expect[s] that representative counsel, the Monitor and therefore the candidates ought to be ready to return to an agreement on most, if not all, of the terms of the order that might then be presented to the Court for consideration.”
Wood’s call follows a hearing on February. 14, once the nova Scotia Supreme Court brought along over “a dozen” lawyers who were vying to represent the 115,000 cryptocurrency traders owed around $260 million ($195 million) by QuadrigaCX.
On Feb. 13, Top Market Group reported that Ersnt & Young’s recently discharged report dubbed “First Report of the Monitor” declared that “on February 6, 2019, Quadriga inadvertently transferred 103 bitcoins valued at just about $468,675 to Quadriga cold wallets.” Quadriga has supposedly been unable to access its cold wallets as its recently deceased found Gerald Cotten was only liable for the wallets and corresponding keys.
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