Sydney-based legal firm JPB Liberty is preparing to sue international tech giants Google, Facebook, and Witter in a massive Australian class action lawsuit that could potentially see major platforms pay over $300 billion USD, or $436 billion AUD.
Spearheaded by Israeli-Australian lawyer Andew Hamilton, the Sydney-based legal firm — which also maintains offices in Tel Aviv — aims to take multiple social media giants to task over cryptocurrency-related advertising bans executed by the platforms in 2018.
Claimants: Crypto Advertising Bans Harm Legitimate Businesses
Crypto currency-related ads on Google, Facebook, and Twitter were banned in 2018 by all three platforms within a single month. While the bans were reversed in late 2018. Facebook maintained pre-approval for blockchain-focused ads and a review process for any advertisement regarding cryptocurrency-related services or products.
JPB Liberty’s class action lawsuit has attracted multiple litigants, accumulating over $872 million worth of claims thus far, and is currently pending funding to file subsequent to senior barrister review. The Sydney-based law firm will represent companies and individuals that claim that the sweeping bans enacted by social media platforms harmed their businesses.
Law Firm Seeks Funding to Execute
Cryptocurrency entrepreneurs participating in the class action lawsuit state that the low number of regulated exchanges in 2018 and the largely unregulated nature of the cryptocurrency ecosystem that lead to the sweeping bans impeded legitimate business growth.
JPB LIberty is currently organizing funding from institutional litigation funders, investors, and venture capital sources — claimants stand to gain 70 percent of any possible settlement, while funders will capture 30 percent.