Bloomberg reported Friday that Coinbase (NASDAQ:COIN) won at the U.S. Supreme Court in a ruling that reinforces a company's ability to channel customer and employee disputes into arbitration.
Coinbase shares are up more than 5% at the time of writing, trading at $60.52 per share, adding to its more than 60% year-to-date gains.
The publication reported that in a 5-4 vote, the justices ruled that lawsuits filed in federal court must be held while a defendant presses an appeal that would send the case to arbitration.
They added that various business groups supported Coinbase in the case, stating that letting litigation go forward would impose unnecessary costs.
However, judges should have the ability to decide which claims should proceed during appeal, consumer advocates stated, as courts do with other areas of the law.