Bakkt investors file class action lawsuit

Bakkt, a cryptocurrency trading and custody platform owned by Intercontinental Exchange (ICE), the world’s largest stock exchange group, has been embroiled in a class action lawsuit alleging non-disclosure of certain information, Cointelegraph reported. According to documents filed with the Southern District Court of New York, the Bakkt investors claim that they suffered losses due to violations of securities laws and a lack of transparency regarding business contracts with major Bakkt clients, Bank of America (BofA) and Webull. These two clients accounted for a significant portion of Bakkt’s revenue. The contracts were discontinued recently.