Below is the first part of an article by Stan Higgins from coindesk.com. It reads…
A class action lawsuit filed against bitcoin mining hardware manufacturer CoinTerra may end with an out-of-court settlement, as both sides in the case have indicated interest in resolving the case before it moves to court.
Ars Technica reported that CoinTerra sought permission from a US judge in a Northern California district court last week to give it more time to arrange mediation talks.
The suit was originally launched in April by Lautaro Cline, a customer from Oakland, California who said he received low-quality mining equipment and, as a result, suffered profit loss. Furthermore, the hardware reportedly arrived past the promised delivery date, which Cline has alleged exacerbated these problems.
The plaintiffs are seeking to name CoinTerra financially responsible for mining profit losses suffered by miners that have entered the class. This includes appropriation of CoinTerra profits for the benefit of miners, as well as compensation for prior damage.
In a statement, CoinTerra CEO Ravi Ivengar declined to comment on the case, but reiterated the company’s commitment to its customers, saying: