Lieff Cabraser represents a class of consumers in a consumer fraud lawsuit against the Uphold digital currency money platform alleging that Uphold’s “Earn” program was a worthless product or, at a minimum, was a product with serious undisclosed material risks that Uphold failed to disclose to its customers despite a legal obligation to do so.
The Complaint in the case further alleges that starting in 2019, Uphold actively, uniformly, and deceptively promoted an investment in a product called “Uphold Earn” (which Uphold also referred to as “Earn” or “Cred Earn”) (together, “Earn”). Consumers’ investments in “Earn” became worthless in November 2020, when the company behind “Earn” went bankrupt following egregious mismanagement. Rather than disclosing the risks to consumers, instead Uphold hid the information and continued to benefit unjustly and improperly from its “Earn” product.
The lawsuit seeks restitution, damages, and penalties under the New York General Business Law.