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Mt. Gox

Files for U.S. bankruptcy to halt class action

10 Mar, 2014

The Company files for U.S. bankruptcy protection in Dallas late Sunday saying without protection it will spend substantial funds defending itself against Gregory Greene’s class action. Greene is scheduled to ask a federal judge on March 11 to freeze Mt. Gox’s U.S.-based servers and other computer equipment and to set up a trust over Mt. Gox’s U.S. assets. The Chapter 15 filing allows Mt. Gox to ask the U.S. Bankruptcy Court to recognize its foreign bankruptcy and to assist in the Japanese proceedings by protecting its U.S.-based assets. U.S. creditors can contest Mt. Gox’s request for Chapter 15 protection.