The Court of Milan has recently stated about the Italian jurisdiction about a class action filed by three Italian retail investors against multiple entities belonging to the Binance Group and some of its executives.<\/p>\n
The plaintiffs sought damages for substantial financial losses they allegedly suffered due to repeated system outages (“blackouts”) on the Binance Futures<\/em> trading platform between February and June 2021.<\/p>\n The Court declared lack of jurisdiction<\/strong> in favor of foreign arbitration<\/strong>, based on the arbitration clauses included in Binance’s Terms of Use.<\/p>\n The Court concluded that:<\/p>\n Furthermore, under the Italian class action rules, class actions must be brought before the court where the defendant has its seat. Since none of the Binance entities have a seat or establishment in Italy, the Italian courts lack jurisdiction for this class action.<\/p>\n For all the reasons above, the Court of Milan declared it lacks jurisdiction<\/strong> in favor of foreign arbitration<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":" The Court of Milan has recently stated about the Italian jurisdiction about a class…<\/p>\n","protected":false},"author":106,"featured_media":54264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4176],"tags":[],"class_list":["post-54263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litigation-arbitration-en"],"acf":[],"yoast_head":"\n\n