The Globe and Mail reports in its Thursday edition that Ontario Justice Edward Morgan has okayed a class-action lawsuit against Galaxy Digital and founder Mike Novogratz to proceed. The Globe's Jameson Berkow writes that Mr. Novogratz, a former Goldman Sachs trader who markets Galaxy as the "Goldman Sachs of crypto," was "a rather boisterous" promoter of Luna and TerraUSD, Justice Edward Morgan wrote in an Aug. 27 decision. The lawsuit claims Galaxy and Mr. Novogratz urged investors to buy and hold Luna and TerraUSD while failing to disclose risks and that Galaxy was buying Luna at a discount and quickly selling its holdings as prices rose. Both cryptocurrencies saw their value fall to zero over the course of a single week in May, 2022, wiping out $40-billion (U.S.) worth of investments. An initial statement of claim for a proposed class action was filed in late 2022. In order to move forward, a judge must certify that there is a reasonable possibility for the plaintiff to win a trial, which is a much higher bar than American law requires for class-action lawsuits. With the case having now cleared that hurdle, Galaxy can choose to appeal the certification ruling, negotiate a settlement or mount a trial defence.