BDI CAPITAL, LLC, Plaintiff, v. BULBUL INVESTMENTS LLC d/b/a CAMPBX, KEYUR MITHAWALA, Defendants., 446 F. Supp. 3d 1127

Summary

HOLDINGS: [1]-Claimant had no right of action under the Commodity Exchange Act because, among others, claimant was seeking damages arising from the spot sale of a commodity, thus 7 U.S.C.S. § 25(a)(1)(b) was not applicable; [2]-Claimant’s representative made several allegations about defendant company’s public statements but did not allege that it ever made any statement that it would voluntarily undertake to support the forked currency. Accordingly, there was no genuine material factual dispute, and company was entitled to summary judgment on claimant’s conversion claim as to the forked cryptocurrency; [2]-As to the fraudulent and negligent misrepresentation claim, even though claimant lacked documentary evidence of its attempts to withdraw its bitcoins or cryptocurrency, claimant’s representative’s sworn statement that claimant made such attempts precluded summary judgment.