BitGo has been granted an appeal by the Delaware Supreme Court to proceed with its $100 million lawsuit against Galaxy Digital. This decision overturns a previous ruling that dismissed BitGo’s case regarding the termination of a $1.2 billion merger agreement in June 2023.
The court found the merger agreement language ambiguous, necessitating extrinsic evidence to resolve the dispute. BitGo’s lawsuit, filed in August 2022, alleges Galaxy’s breach of the merger deal after Galaxy claimed BitGo missed deadlines for audited financial statements. The Supreme Court’s decision is a turning point, giving BitGo another chance to pursue legal action for the broken deal. This ruling emphasizes the importance of clear contract terms and could have long-term implications for future mergers and acquisitions. Read more.
