A federal judge has sided with Galaxy Digital (GLXY.TO) – the crypto merchant bank led by Mike Novogratz – in its decision to terminate its $1.2 billion acquisition of crypto custodian BitGo.
Delaware Chancery Court Vice Cchancellor James Laster ruled last week that Galaxy had a “valid basis” to end the deal because BitGo provided Galaxy with “non-compliant” documents pertaining to its financial health.
“There are no facts alleged that could make it reasonably conceivable that the exercise of the termination right was inconsistent with the implied covenant of good faith and fair dealing,” Judge Laster said in the ruling.
Source: Galaxy Digital’s Termination of $1.2B Acquisition of Crypto Custodian BitGo Upheld by Federal Judge
