Bitcoin Wallet Company Xapo Gets a Breach of Contract Lawsuit

Bitcoin wallet company Xapo lost their bid to dismiss a breach of contract lawsuit slapped on five of its employees. This lawsuit was filed by LifeLock, which is seeking damages from defendants including Xapo CEO Wences Casares and COO Federico Murrone.

According to LifeLock, the defendants did not disclose the “nature and extent” of their role in developing the project, which it argues was created on its computers and using its resources.

Bitcoin Wallet Lawsuit

Back when LifeLock purchased Lemon, a digital wallet platform, it secured the services of Xapo employees. According to Xapo, LifeLock has relinquished its claim to any technology developed and has been aware of the development of IP related to the creation of the bitcoin wallet.

Judge Peter Kirwan overruled the Xapo team’s bid to drop the lawsuit due to insufficient facts. The judge referred toan agreement allegedly signed between the companies waiving claims to any bitcoin-related technology created.

“The letter thus does not clearly release defendant Casares from any or all of the breaches alleged here, and the demurrer does not lie to only part of a cause of action. Even if it were assumed for purposes of argument that it did, that would not absolve Casares of all potential liability. Among the fraudulent acts

Read more ... source: TheBitcoinNews