For Immediate Release
Deltec Bank & Trust Limited Announces Voluntary Dismissal of Dreamr Complaint
(NASSAU, Bahamas – July 19, 2022) On March 10, 2022, a complaint was filed against Deltec Bank & Trust Limited (Deltec Bank) with allegations related to a token launch and issuance by Dreamr Labs Limited (Dreamr) in the U.S. District Court for the Eastern District of New York. Deltec Bank and the other defendants in the complaint had vigorously denied the allegations as misplaced and unsubstantiated, and immediately filed a motion to dismiss.
On July 12, 2022, the court held a hearing on the defendants’ motions to dismiss regarding the court’s lack of jurisdiction to hear the claim and the lack of specificity in the Complaint made against Deltec Bank and the other defendants. Following this hearing, Dreamr filed a voluntary dismissal on July 15, 2022, without prejudice against Deltec and all parties named in the complaint. On July 18, 2022, the court dismissed the complaint without prejudice and closed the case.
It is important to note that Deltec does not directly engage in crypto-related services or deal directly with digital assets as part of its service offering. Deltec has proudly provided regulated financial services for over 70 years and has a strong history of being a financial partner specializing in tailored solutions and transactions designed for fast growing industries and high net worth individuals.
