Ayrton Capital Sued by Bitdeer Technologies Group Over Alleged Unfair Lending Practices
Background of the Lawsuit
Allegations of Toxic Lending Practices
Bitdeer Technologies Group has filed a lawsuit against Ayrton Capital LLC in a Manhattan federal district court, accusing the investment firm of engaging in “toxic lending practices” towards borrowers.
Legal Representation
Attorneys Involved
Attorney Michael B. Carlinsky from Quinn Emanuel Urquhart & Sullivan represents Bitdeer in the lawsuit, while Andrew David Gladstein and Gayle Klein from Freshfields Bruckhaus Deringer represent Ayrton.
Dispute Details
Contract Modification Allegations
Bitdeer alleges that Ayrton modified the contract’s terms during negotiations, expanding penalties for any future breach by Bitdeer. This led to claims of unfair practices and an “unconscionable contract.”
Counterclaims and Damages
Ayrton has alleged damages of over $32 million, while Bitdeer argues that the penalties imposed are disproportionate to any actual damages suffered and that Ayrton refused to provide the agreed financing.
Conclusion
Outcome of the Lawsuit
The lawsuit between Bitdeer and Ayrton revolves around allegations of unfair lending practices and contractual disputes, highlighting the challenges faced by companies in financing arrangements.
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