{"id":8227,"date":"2023-11-01T18:06:47","date_gmt":"2023-11-01T18:06:47","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/dcg-enlists-barry-berke-for-defense-in-nyag-lawsuit\/"},"modified":"2023-11-01T18:06:48","modified_gmt":"2023-11-01T18:06:48","slug":"dcg-enlists-barry-berke-for-defense-in-nyag-lawsuit","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=8227","title":{"rendered":"DCG Enlists Barry Berke for Defense in NYAG Lawsuit"},"content":{"rendered":"<div>\n<figure id=\"attachment_125284\" aria-describedby=\"caption-attachment-125284\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-125284\" class=\"wp-caption-text\">DCG turns to seasoned litigator Barry Berke in the legal battle against NYAG\u2019s fraud allegations. <em>Image by motortion, Adobe Stock.<\/em><\/figcaption><\/figure>\n<p><strong>Digital Currency Group<\/strong> (DCG) has found itself under intense legal scrutiny after it was confronted with a <strong>civil lawsuit filed by New York Attorney General Letitia James<\/strong> on October 19. In an attempt to challenge the allegations, DCG has enlisted <strong>renowned litigator Barry Berke<\/strong>, who previously served as chief impeachment counsel in the case <strong>against former President Donald Trump<\/strong>.\n<\/p>\n<h2>NYAG Lawsuit Allegations Against DCG<\/h2>\n<p>The lawsuit filed by NYAG Letitia James makes serious allegations against DCG, Genesis, and Gemini<\/p>\n<p> regarding the crypto interest-bearing program they launched collaboratively in 2021. Specific allegations include:\n<\/p>\n<ul>\n<li><strong>Failure to inform consumers of considerable risks<\/strong> related to the \u201cGemini Earn\u201d program, which was marketed as low-risk<\/li>\n<li>Internal concerns at Genesis about <strong>inadequate collateralization of loans<\/strong> and concentration of loans to Alameda Research, which were not disclosed<\/li>\n<li>After massive borrower defaults in June 2022, DCG and Genesis allegedly moved to <strong>hide over $1 billion in losses<\/strong> instead of disclosing them<\/li>\n<li>Public statements throughout 2022 <strong>falsely communicating the financial health and stability<\/strong> of Genesis and DCG<\/li>\n<\/ul>\n<p><noscript><\/p>\n<div class=\"embed-container\"><iframe loading=\"lazy\" title=\"New York AG sues Digital Currency Group, Genesis and Gemini, alleging fraud: CNBC Crypto World\" width=\"1140\" height=\"641\" src=\"https:\/\/www.youtube.com\/embed\/k76ykhgX4Fw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/div>\n<p><\/noscript><\/p>\n<h2>Renowned Litigator With High-Profile Experience<\/h2>\n<p><a rel=\"nofollow noopener\" href=\"https:\/\/twitter.com\/BarryBerke\" target=\"_blank\">Barry Berke<\/a><\/p>\n<p> is a highly experienced attorney well-versed in high-stake cases. Berke is currently a <strong>partner at Kramer Levin<\/strong> and chairs the litigation department. He has handled litigation for major corporations as well as startups and tech companies. He also served as Chief Impeachment Counsel during Donald Trump\u2019s first impeachment trial.<\/p>\n<p>Berke <strong>represented former NYC Mayor Bill de Blasio<\/strong> in federal and local probes as well. He is described by Chambers USA as \u201cone of the foremost litigators in the U.S.\u201d<\/p>\n<p>Taking strength from Berke\u2019s expertise, DCG is strongly contesting the NYAG lawsuit, arguing it lacks merit given DCG\u2019s good faith governance efforts.<\/p>\n<p>\u201cThis misguided and meritless lawsuit proves the adage that \u2018no good deed goes unpunished,\u2019 Berke said in a press release. \u201cWe look forward to demonstrating that DCG and Barry Silbert should never have been sued.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Remember when impeachment lawyer Barry Berke performed a vivisection of Lewandowski on live tv? I miss those days.<\/p>\n<p>\u2014 Lori Kramer (@lorikramer58) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/lorikramer58\/status\/1716608180099133485?ref_src=twsrc%5Etfw\">October 24, 2023<\/a><\/p>\n<\/blockquote>\n<p>With Berke leading their legal strategy, DCG appears set to aggressively fight the lawsuit and <strong>challenge the NYAG\u2019s accusations<\/strong>. Key aspects of their defense case may include:\n<\/p>\n<ul>\n<li><strong>Disputing claims<\/strong> that risks were hidden from consumers<\/li>\n<li>Arguing <strong>operations were conducted ethically<\/strong> and transparently<\/li>\n<li>Asserting <strong>losses stemmed from unforeseen market events<\/strong><\/li>\n<li>Highlighting <strong>efforts to support subsidiary businesses<\/strong><\/li>\n<\/ul>\n<p>\nThe NYAG\u2019s fraud lawsuit against DCG, Genesis, and Gemini poses a major legal threat to the companies over the alleged lack of risk disclosures tied to their 2021 crypto lending program. DCG\u2019s hiring of acclaimed litigator Barry Berke signals its intent to vigorously fight the allegations and avert severe business restrictions sought by the NYAG. The firms still face intense scrutiny given the gravity of <strong>fraud accusations<\/strong>, however.<\/p>\n<p>As the case proceeds, DCG appears to be gearing up to rebut claims of ill intent and deception in order to disprove legal allegations that presently jeopardize its New York operations. The coming months will determine whether DCG can successfully challenge the lawsuit via Berke\u2019s expertise or will face harsh legal consequences over billions lost by investors.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/dcg-hires-former-trump-impeachment-counsel-in-defense-against-nyag-civil-lawsuit.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DCG turns to seasoned litigator Barry Berke in the legal battle against NYAG\u2019s fraud allegations. Image by motortion, Adobe Stock. Digital Currency&#8230;<\/p>\n","protected":false},"author":1,"featured_media":8228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-8227","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DCG Enlists Barry Berke for Defense in NYAG Lawsuit | inFundPros<\/title>\n<meta name=\"description\" content=\"DCG turns to seasoned litigator Barry Berke in the legal battle against NYAG\u2019s fraud allegations. Image by motortion, Adobe Stock. 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