Mark Karpeles, the former CEO of Mt. Gox, continues to fight claims brought against him by US clients of the ill-fated Bitcoin exchange.

One of the cases Karpeles faces in the United States is brought by Gregory Greene, a former customer of MtGox. Greene is seeking an order certifying the following Class: “All persons in the United States who had bitcoins or money stored with Mt. Gox on February 24, 2014”.

Karpeles is now challenging this motion for class certification, as indicated by documents filed with the Illinois Northern District Court earlier this week.

In the documents, seen by FX News Group, Karpeles argues that the plaintiffs would do better if they make use of the Japanese rehabilitation proceedings rather than a class action lawsuit in the United States.

The MtGox Rehabilitation Trustee filed a revised draft rehabilitation plan with the Tokyo District Court on February 15, 2021, and a written revision to schedules (lists of allowed and disputed rehabilitation claims as of the last day of March 2020) of the Draft Rehabilitation Plan on February 19, 2021.

On February 16, 2021, an examiner filed an examination report with the Tokyo District Court, stating that there were no grounds for disapproving the Draft Rehabilitation Plan.

Following these proceedings, on February 22, 2021, the Tokyo District Court made an order to refer the Draft Rehabilitation Plan to a resolution. Rehabilitation creditors will be asked to vote to agree or disagree with the Draft Rehabilitation Plan.

Karpeles argues that, according to the admittedly unofficial calculator put together by persons at the WizSec blog, under the terms of the plan and choosing the more conservative of the two options (a guaranteed early payment rather than a later payment with potential upside but also risks), if the plan is approved, Greene’s claim in is estimated to be valued at $347,083.74.

Payments to creditors will be paid in a combination of bitcoin, bitcoin cash and yen. The value, therefore, is dependent upon the value of bitcoin. According to the calculator, if he were to choose the early payment option, Greene is likely to receive approximately 6.33 bitcoins, 6.39 bitcoin cash and over 2,400,000 yen, according to Karpeles.

Choosing the later payment option may allow for an even greater recovery, but a claimant would also run the risk of a potentially smaller recovery. The later recovery could increase the amount to be distributed pending the resolution of one large outstanding claim, Karpeles notes.

“As such, a class action is not the superior method to address these claims where class members can vote and recover through the Japanese civil rehabilitation proceedings”, the former CEO of MtGox concludes.