OpenSea users drop securities lawsuit after market demands arbitration
Anthony Shnayderman and Itai Bronshtein filed a motion in federal court in Florida on November 7 to voluntarily withdraw their securities lawsuit against Ozone Networks, which does business under the name OpenSea, after Judge Cecilia Altonaga, in an order last month, allowed OpenSea to file a motion to force the pair to arbitration.
OpenSea insists it will force the two users to go to arbitration, claiming in an October filing that they agreed to its terms of use that all claims will be settled by an arbitrator - including whether claims should go to arbitration first.
In its October filing, NFT Marketplace added that it "intends to act swiftly to compel plaintiffs to arbitrate their claims in an agreed forum" and that it will appeal any court dismissal, thereby suspending the case.