Patterson
Patterson v. TerraForm Labs Pte Ltd.
Opinion
Trial Court Opinion
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF CALIFORNIA 5 NICK PATTERSON, Case No. 22-cv-03600-PCP Plaintiff, ORDER DENYING MOTION TO
COMPEL ARBITRATION AND
v. GRANTING MOTION TO DISMISS
JUMP TRADING LLC,
10 Defendant. 11 In this putative securities class action, lead plaintiff Michael Tobias and additional plaintiff Nick Patterson assert various securities fraud claims against defendant Jump Trading LLC for Jump’s involvement in the promotion and sale of cryptocurrency tokens that dramatically dropped in price within a matter of days in May 2022. Jump moves to compel arbitration and to dismiss plaintiffs’ second amended complaint for failure to state a claim. For the reasons that follow, the Court denies Jump’s motion to compel arbitration and grants Jump’s motion to dismiss with leave to amend. BACKGROUND This case at one time involved multiple defendants. It now involves just one: Jump Trading LLC. 1 Jump Trading LLC, in conjunction with its business division Jump…