Google, Facebook, Twitter to be sued in Australian class action that may cost up to $300 billion
Cryptocurrency entrepreneurs are preparing to sue Google, Facebook and Twitter in an Australian class action lawsuit that could cost the tech giants up to US$300 billion (A$436 billion).
The David-and-Goliath case has attracted litigants with US$600million (A$872million) worth of claims so far – a number that has increased as more people join.
The no-win no-fee case has now been put before a senior barrister for review, pending funding to file.
The companies and individuals, represented by Sydney-based firm JPB Liberty, say their businesses were harmed when Google, Facebook and Twitter all banned cryptocurrency advertising in 2018.
The social media giants acted within weeks of each other, and included the ban in their terms and conditions of service.
Google announced it would partially reverse the sweeping ban in September of 2018, to allow regulated exchanges to buy ads in the US and Japan.
Facebook said in 2019 it would no longer require pre-approval for ads related to blockchain technology, also caught up in the ban, however those advertising cryptocurrency would still have to go through a review.
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