Odaily Planet Daily News Cryptocurrency custody company BitGo will be able to continue its $100 million lawsuit against financial services company Galaxy Digital. The Delaware Supreme Court overturned the lower court's decision to dismiss the lawsuit last year, allowing BitGo to continue the case in the Chancery Court. BitGo accused Galaxy of "deliberate" breach of contract in the $1.2 billion merger agreement reached in May 2021 because it could not pay the huge fee after suffering huge financial losses in the crypto bear market. Galaxy said the agreement broke down because BitGo failed to provide the necessary audited financial statements on time, and said BitGo's allegations were "baseless." Last June, J. Travis Laster, Associate Justice of the Delaware Court of Chancery, ruled that Galaxy had "legitimate reasons" to withdraw from the agreement on the grounds that BitGo provided "non-compliant" financial documents. After BitGo appealed, the Delaware Supreme Court held that the definition of "financial statements" in the merger agreement was ambiguous and the two parties provided reasonable explanations, so it overturned the previous ruling.
