IRA Financial, Gemini Can Force Arbitration of Breach Claims

Gemini Trust Co. and IRA Financial Trust Co. can force arbitration of claims brought by consumers who say the companies were negligent in securing their retirement accounts, resulting in the theft of $36 million in cryptocurrency during a 2022 data breach, according to a federal judge.

Both IRA Financial, a South Dakota trust company which offers self-directed retirement accounts, and Gemini, a cryptocurrency exchange that partners with IRA, blame the other company for the February breach, which also compromised the names, Social Security numbers, and financial accounts of the affected customers.

Marshall Griffin, who claims that he lost two Bitcoin ...