Xapo CEO Wences Casares Takes Legal Action Against LifeLock

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,....

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....

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,....

The report has been updated with comment from Steven Ragland, the attorney representing Wences Casares. Several Xapo executives including founder and CEO Wences Casares are being sued for alleged contract violations. The suit, filed in August 2014 by online identity firm LifeLock, alleges breach of contract and breach of fiduciary duty against Casares, president and general counsel Cindy McAdam, and founder and COO Federico Murrone. Xapo employees Fabian Cuesta and Martin Apesteguia were also identified in the suit, according to a report by Fortune. LifeLock purchased Lemon, a digital....

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....