Jeong
Jeong v. Nexo Financial LLC
Opinion
Trial Court Opinion
UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA SAN JOSE DIVISION 6 JUNHAN JEONG, Case No. 21-cv-02392-BLF
Plaintiff,
ORDER GRANTING IN PART AND
v. DENYING IN PART DEFENDANT
NEXO CAPITAL INC.’S MOTION TO
NEXO CAPITAL INC., DISMISS SECOND AMENDED
COMPLAINT
Defendant. [Re: ECF No. 56]
13 Before the Court is Defendant Nexo Capital Inc.’s (“Nexo”) motion to dismiss Plaintiff 14 Junhan Jeong’s second amended complaint in this breach of contract and consumer protection case 15 regarding Nexo’s Crypto Credit service, which allows users to take out loans against cryptocurrency 16 collateral. Plaintiff alleges in response to an action filed by the Securities and Exchange 17 Commission (“SEC”) targeting the cryptocurrency Ripple (“XRP”), Nexo limited the use of Ripple 18 on its platform in response to its cratering price, causing customers to default on loans taken out 19 against XRP collateral. Plaintiff alleges that Nexo’s conduct breached the duty of good faith…