| SDNY Judge Castel Declines
SEC Motion for Telegram Bank Reports Before
CEO Deposition
By Matthew
Russell Lee, Exclusive Patreon
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SDNY COURTHOUSE,
Jan 6 – In the SEC's case
against Telegram and its
proposed Gram crypocurrency,
Federal Judge P. Kevin Castel
held a teleconference on the
afternoon of January 6. Inner
City Press was present and
files this report.
The SEC on January 2 asked
Judge Castel to order Telegram
to disclose bank records
before or during its two day
deposition of Telegram founder
Pavel Durov January 7-8 in
Dubai.
On
the January 6 teleconference,
Telegram's counsel, Alex
Drylewski of Skadden Arps,
argued that producing the bank
records will requiring
reviewing the privacy rights
of financial counterparties in
30 or more jurisdictions. More
on Patreon here.
Judge Castel declined to
extend the deadlines in the
case but directed Telegram to,
by January 9, filed a proposed
schedule to disclose or at
least review for privacy the
requested bank records. The
deposition of Durov, it
appears, will go forward
without the bank records.
After briefing, there will be
an in-person hearing on
February 18, on both the
motions for preliminary
injunction and for summary
judgment. The SEC's Jorge
Tenreiro declined to
consolidate that with the
trial on the merits. Telegram
wants a bench trial, and says
the SEC wants a jury trial.
Drylewki
said that if the case or
threat of injuction is not
resolved by the end of April,
under the terms of the private
placement Telegraph would have
to give back the money to
investors. Inner City Press,
which after requesting it was
present in Judge Castel's
chambers for the
teleconference, will continue
to cover this case. It is SEC
v. Telegram, 19-cv-0439
(Castel). More on Patreon here.
***
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