US Court Instructs Winklevoss Brothers to Pay Charlie Shrem Legal Fees

US Court Instructs Winklevoss Brothers to Pay Charlie Shrem Legal Fees

The US District Court of the Southern District of New York orders Cameron and Tyler Winklevoss to recompense Charlie Shrem in legal fees in the context of a 2018 lawsuit filed by the brothers against Shrem

After the Winklevoss’ legal team failed in their attempt to sequester $30 mln of Shrem’s assets, Shrem and his team filed for a motion to be reimbursed for lawyer fees, including other costs incurred by the lawsuit. Yesterday, US District Court Judge, Jed S. Rakoff, ruled in favor of the defendant, ordering the Winklevoss camp to pay $45,000 to Shrem for legal fees.

Lawyers for Winklevoss Capital Fund (WCF) argued that Shrem is not subjected for reimbursement due to only being charged an amount only in de minimis, not more than $5. The court did not see this as an invalidation of the reimbursement claim by Shrem. But upon reviewing the charges, the court orders the requested indemnity be cut by 40%.

Shrem’s lawyer, Brian Klein, calls the ruling as ‘another big step towards his [Shrem’s] full vindication.’

The court proceeding will continue on June 2019.

A Brief Timeline of the ‘Winklevoss Capital Fund vs Charlie Shrem’ Lawsuit

The lawsuit was filed on September 2018 but was only unsealed in early November. Shrem was accused by the Winklevoss brothers of marauding 5,000 bitcoins – reportedly worth $750,000 – entrusted to him in 2012.

Shrem then contested the lawsuit saying he ‘committed no misconduct’ and did not steal the said BTC. The money he has is the result of 6 months of work in a Pennsylvania restaurant.

By 8 November, Judge Rakoff unfroze Shrem’s assets.

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