$300 Billion Class Action Lawsuit Against Social Media Giants “Ready to File” as Signups Draw to Close

An impending class-action lawsuit that could see international social media giants such as Facebook, Google, and Twitter sued for over $300 billion is “ready to file,” with signups for claimants closing next week.

Announced in early June 2020, the class action lawsuit is spearheaded by Andrew Hamilton, the CEO of Sydney-based legal firm JPB Liberty. The class action lawsuit is focused on holding various social media platforms accountable for cryptocurrency advertising bans executed by throughout 2018.

The suit has already captured over $600 million USD in claims — nearly $875 million AUD — with multiple litigants. The case has already been placed before a senior barrister for review, and accuses a series of social media platforms of acting in a cartel-like manner in order to collaboratively crush the developing digital currency industry in 2018.

Hamilton, in a conversation with crypto news media, stated that he is prepared to file proceedings for the case within a 48 hour period — noting that signups for claimants are scheduled to close on August 21.

“This is a very big threat to Facebook and Google strategically, because, instead of having startups that have to fundraise all the way through and end up getting bought by Facebook or Google or someone before they become a competitive threat,”

Google, Facebook Banned Crypto Ads to “Eliminate Competition”

Initial coin offerings and other digital currency based startups, according to Hamilton, are a significant threat to the status quo of the tech tech industry. Hamilton highlights the cumbersome, slow moving nature of fundraising in the tech industry, stating that ICO’s “front-loaded” the investment process, allowing tech startups to compete on equal footing with major tech companies.

The suit focuses on the “hypocrisy” of major tech platforms such as Facebook developing and launching projects such as the Libra stablecoin, while simultaneously banning all digital currency competitors. Everyone who was in the nascent web 3.0 space at the time and planning on competing with Google or Facebook, states Hamilton, was crushed.

The suit, if successful, will see 70 percent of any settlement distributed to litigants, with 30 percent directed toward the suits funders.