Ownership of Xapo Technology Threatened by Lifelock Lawsuit
Billion-dollar security company LifeLock has filed a lawsuit against Xapo that some say could jeopardize the existence of the Swiss-based Bitcoin wallet and debit card company, as Lifelock seeks to declare ownership of the technology. In December of 2013, LifeLock acquired for US$42.6 million all the ongoing businesses, including existing intellectual and physical property, of a digital wallet company called Lemon, which was led by Xapo founder Wences Casares. The complaint for breach of contract submitted by LifeLock to the superior court of the state of California claims that: “Former....
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Xapo CEO Wences Casares and some of the members of the Xapo team have been sued for breaching their contract with LifeLock. Casares responded with a cross-complaint against the online identity firm and is seeking damages and a jury trial. Last year, LifeLock filed a complaint against Casares and several Xapo employees who were members of the Lemon digital wallet company that Casares founded and was acquired by LifeLock. Xapo Lawsuit. According to the LifeLock complaint, Casares and his long-time associates for launching a new business called Xapo using the facilities of Lemon. Furthermore,....
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 says that Xapo CEO Wences Casares developed Xapo using LifeLock's resources. The background is that Caseres previously ran Lemon, a digital wallet start-up that was later sold to LifeLock at the end of 2013. Casares and most of the Lemon team became LifeLock employees. LifeLock claims that Casares started Xapo by "using a product developed by Lemon employees, in Lemon's facilities, on Lemon's computers, and on Lemon's dime." Casares initially pushed to have the case thrown out, but a judge in Silicon Valley disagrees, and the lawsuit against current Xapo CEO will move forward. The....
Five Xapo employees have lost their bid to dismiss a breach of contract lawsuit brought on by former employer LifeLock. The update is the latest in a case first brought to light by Fortune when it revealed LifeLock was seeking damages from the defendants, including current Xapo CEO Wences Casares and COO Federico Murrone, related to the development of IP it says would become the foundation of the bitcoin services firm. LifeLock has alleged that 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....
According to Fortune, identity theft protection company LifeLock has filed a lawsuit against the Zurich-based Bitcoin cold storage vault provider Xapo's founder Wences Casares and four other employees. In its complaint, LifeLock is asking the court to coerce the founder and others to expel "the value of the Xapo product attributable to Defendants' misrepresentations, omissions, breaches of duty, and other wrongful conduct." If the court finds Casares guilty, LifeLock might aim to take a direct shot at one of the most promising Bitcoin ventures, Xapo. What is the Case? In December 2013,....