Kenneth Rijock

Kenneth Rijock

Monday, May 16, 2016

US COURT DISMISSES VENEZUELAN SUIT AGAINST DOLAR TODAY


A United States District Judge, in the State of Delaware, has dismissed a civil suit, brought by the Central Bank of Venezuela, against Dolar Today*, a website that reports on the unofficial value of the Bolivar, as against the US Dollar. The website, which is considered an important indictor of Country Risk by compliance officers in North America and the EU, has been tracking the fall of the Bolivar, versus the US Dollar and the Euro. Publication of the black market rate is illegal under current Venezuelan law, and its government engages in efforts to block the website from being seen inside the country, by its citizens.

The suit, filed by the Banco Central de Venezuela, alleges that Dolar Today published false currency rates, which were posted with the intent of destabilizing the Venezuelan economy, and profiting upon the exchange. The case was previously dismissed in February, but the Court gave the plaintiff leave to amend, and an Amended complaint was later filed, which alleged that the injury was the manipulation  of the value of Venezuelan currency. The Court found that the plaintiff had failed to allege a concrete harm, which the Court could redress.

The Court, on May 11, 2016, granted the defense motion to dismiss, with prejudice, and denied the plaintiff's request for Oral Argument, directing the Clerk of Court to close the case. The Court held that the plaintiff lacks standing, and that it has no subject matter jurisdiction.
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*https://dolartoday.com/








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