A nationally recognized class-action law firm, Berns Weiss LLP, has announced something they are calling the ‘Digital Money Practice Group’, an endeavor that seeks to helping the crypto-currency community in developing “beneficial products” for the use of consumers in financial transactions.
Berns Weiss says this Digital Money Practice Group will be working with consumer protection agencies in order to create safeguards for consumers in this particular sector.
“After having seen the destruction the current financial system has caused on good hard working Americans, I firmly believe that Digital Money is going to be the manner in which we stop allowing our interests to come second to that of the financial industry,” said Berns Weiss Managing Partner, Jeffrey Berns.
“Digital money is something that Progressives, Democrats, Independents, Republicans and Conservatives can all support. Digital money is more efficient than the current system, because it eliminates barriers and reduces waste, allowing vendors both small and large to save 2-3% a year in transaction costs, which means they can lower the costs of the products we purchase, give their employees a raise, or provide additional returns to their stock holders.”
[ot-video type=”youtube” url=”http://www.youtube.com/watch?v=YsqzVJ3zZ8M”]
Both Jeffrey Berns and his partner Lee Weiss are said to be well-known for filing claims against financial institutions on behalf of consumers. Together, they have collected over two billion dollars in relief for their clients in these actions during their professional careers.
“While working to ensure that regulators police entities that take advantage of consumers using digital money, the Digital Money Practice Group at Berns Weiss is also prepared to file class-action lawsuits against entities who are allegedly mishandling consumer’s digital money,” Lee Weiss added.
The formation of this group comes during a time where the crypto-currency industry is very much still on it’s own, so to speak. It’s not quite a wild west, but there also aren’t a lot of rules on the books to protect consumers from the questionable actions of companies who operate in the space.
Many users in the crypto-currency community are well familiar with the mishandling of their digital money. From the collapse of the Mt. Gox exchange to the exorbitant delays at Butterfly Labs, most everyone can agree there’s still a lot of work to do.