Terra Vs SEC: Court Sets Pretrial Deadline As Do Kwon Set for US Extradition

Terra Vs SEC: In the latest development in the U.S. Securities and Exchange Commission (SEC) lawsuit against beleaguered Terraform Labs and co-founder Do Kwon, the court has set pretrial deadlines and other procedures. The move comes amid news of Do Kwon’s extradition from Montenegro to the United States.

Court Orders Pretrial Deadline

According to the latest filing in the court, Judge Jed S. Rakoff has signed an order approving the amended stimulation and proposed order setting forth pretrial deadline.

After a lot of rendezvous, the parties have agreed to a trial adjournment on March 25. The SEC and Terra lawyers will finish oppositions to motions, depositions, and counter-designations by March 11, giving both parties enough preparation time for pretrial.

The court ordered the SEC and Terra to file a proposed consent order before March 18. “In accordance with Individual Rule 7, the parties shall submit proposed jury charges to the court on or before March 18, 2024,” stated the judge. The parties are required to finish all requirements before 48 hours of the pretrial deadline.

The order came amid a Montenegro court’s approval to extradite embattled Terra co-founder Do Kwon to the United States. The extradition to South Korea has been overturned.

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Do Kwon in United States

While it’s unclear when Kwon will be in the United States, he will most likely attend court proceedings on the trial date. Do Kwon was attested in Montenegro in March 2023 and sentenced to four months in prison, with extradition proceedings continuing while in custody.

Former Terra CFO Han Chang-joon was extradited to South Korea, but Do Kwon won an appeal in the Court of Appeals of Montenegro to be extradited to South Korea due to various ambiguities with the ruling.

The US District Court of the Southern District of New York had ruled in favor of the SEC, stating that LUNA and MIR tokens are securities.

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