SINGAPUR (dpa-AFX) - Genius Group announced that its lawyers have filed an amended complaint against Peter Ritz and Michael Moe as the controlling officers and directors of LZGI International, in the United States District Court, Southern District of Florida, seeking updated damages of over $750 million caused by the defendants to Genius Group. The RICO case relates to the company's allegations of Ritz and Moes attempt to defraud the company and filing false statements designed to defraud the court, causing a Temporary Restraining Order and Preliminary Injunction to be issued against the company preventing it from raising funds and buying Bitcoin, as a way to cause damage and extort further money from Genius.
On May 6, 2025, the United States Court of Appeals for the Second Circuit ruled in the companys favor, granting a stay on the Preliminary Injunction, stating Appellant has made a strong showing that it is likely to succeed on the merits and suffers clear irreparable injury absent a stay, warranting a stay pending appeal. The Court of Appeals ruling enables the company to resume its normal operations with immediate effect, pending the resolution of the appeal. The company is seeking treble damages of $750 million in the RICO case.
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