Tuesday, May 7, 2013

$75 Millon Lawsuit Filed Against Bitcoin Mega-Dealer Mt. Gox

 Below is the official statement from Mt Gox:
Statement Regarding Formal Complaint 
Tokyo, Japan, May 3rd, 2013 - Mt. Gox has been contacted by Coinlab (US) regarding a formal complaint filed against us in the United States. As we have just now received the complaint, neither Mt. Gox nor our legal team can make any official comment on the
matter at this time, but we take this very seriously and will respond appropriately and
quickly once we have had time to review it. 
Mark Karpeles
CEO, Mt. Gox Co. Ltd.


Via Marketwatch:
A lawsuit against Bitcoin’s main trading exchange Mt. Gox was filed this week regarding rights to the North American market.[...].

CoinLab, backed by venture capitalist Peter Vessenes, said it entered into an agreement with Mt. Gox in November that gave CoinLab access to Mt. Gox’s technology – its computer servers and the “exclusive right to certain intellectual property” –  so that CoinLab could provide exchange services to North American customers as Mt. Gox’s exclusive partner in the region. Mt. Gox is based in Japan.

Transactions in the U.S. and Canada through Mt. Gox were switched to CoinLab as of March 29, according to a press release from CoinLab.

The suit alleges that Mt. Gox beached its contract with CoinLab by conducting business with North American customers and failing to provide necessary data,  according to a complaint filed by CoinLab in federal court.

CoinLab is seeking at least $75 million in damages.

“Defendants have, in email and other written exchanges, and in public statements to the press acknowledged that they have directly serviced customers in the United States and Canada since entering the Agreement. This conduct constitutes a breach of the Agreement, including the exclusivity provisions in the Agreement,” the filing states.

CoinLab’s Vessenes said in the statement: ” What tipped us into filing was our complete inability to get Mt. Gox to deliver on the few simple things left that were needed for customers to move over en-masse”

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