Intellectual Property Lawsuit Against Bitcoin Company Xapo's CEO to Proceed
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....
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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....
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,....
Identity-theft protection company Lifelock has filed another lawsuit against Wences Casares, founder of bitcoin wallet company Xapo. The suit was filed on Monday in Delaware Chancery Court against Casares and his former CFO at digital wallet startup Lemon, Cynthia McAdam, who currently serves as president and general counsel for Xapo. LifeLock has alleged that the two withheld intellectual property related to Xapo and bitcoin integration software for Lemon that should have been included a 2013 acquisition of the startup by LifeLock, according to Courthouse News. The suit also alleges that....
Bitcoin bank and payment processor Xapo faces uncertain waters as much of the company's executive team is being sued for contract violations. The misgivings center on the last months that Xapo co-founder and CEO Wences Casares, along with other Xapo employees, worked for the mobile wallet Lemon. In December 2013, the $1.5 billion online security company LifeLock acquired the mobile wallet for $42.5 million (and rebranded it LifeLock Wallet). As reported by Fortune, the lawsuit is over whether Xapo was originally developed during his and other Xapo employees' time working for Lemon. Or as....
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,....