Jane Street asks US court to toss Terraform’s insider trading suit

Jane Street has filed to dismiss Terraform’s insider trading suit, arguing the reasons for Terra’s collapse have already been litigated.

Trading firm Jane Street has asked a US court to toss a lawsuit brought by the administrator of the bankrupt Terraform Labs, accusing the company of insider trading that worsened the collapse of the Terra ecosystem.

In a motion to dismiss filed in a Manhattan federal court on Thursday, Jane Street argued Terraform’s suit was an attempt “to extract cash from Jane Street to foot the bill for a fraud that Terraform itself perpetrated on the market.”

“Terraform now claims it was victimized by Jane Street’s trading,” it added. “The problem with this theory is that Terraform’s fraud scheme — in which Jane Street had no involvement — has already been prosecuted, adjudicated, and punished.”

Read more