The Most Expensive Private Lawsuit In Crypto Is Settled
October 17 2018 - 7:09AM
ADVFN Crypto NewsWire
IZMIR, TURKEY - SEPTEMBER 28, 2018: A
Close-up shot of ethereum coin with other crypto coins in metallic
background in studio. Photo Credit: Getty Images
A lawsuit over Augur, a
decentralized platform for prediction markets on real-world events,
has come to an end as court records show that the case was
dismissed on Oct. 12.
Matthew Liston, the former CEO of Augur, filed the lawsuit back
in April, alleging that three other founding members of Augur, Jack
Peterson, Joseph Charles Krug, and Jeremy Gardner committed acts of
fraud, oppression, and malice along with investor Joseph Ball
Costello. According to Liston, the alleged "fraud" resulted in his
forced removal from the project and the company in 2014.
Liston was seeking a total of $152 million on damages at the
time, which made the case possibly the most expensive private
lawsuit in the cryptocurrency space so far.
The most recent court records show that the court of California
in San Francisco county has ordered to take the case management
conference “off calendar,” after O. Shane Balloun of Balloun Law
requested to dismiss the case “with prejudice,” on behalf of
Liston, meaning that they would have the case dismissed
permanently.
In an email response to Forbes by Liston, he declined to comment
but confirmed that “the case was settled.”
Members of Augur did not immediately respond to requests for
comment regarding the case.
Another court record published on Sept. 6 indicates that
negotiations on a settlement were in progress.
“...the parties have reached a settlement in principle and are
working diligently to finalize a written settlement agreement,” the
document wrote.
As a project built upon on the ethereum blockchain that allows
its users to bet on outcomes of real-world events, Augur has
received wide attention since its birth. It is advised by ethereum
co-founder Vitalik Buterin and the co-founder of Lightning Labs,
Elizabeth Stark. The project was officially launched in July and is
expected to have some major updates released soon, according to a
Medium post published on Oct. 4.
Source:
Forbes
By
Muyao Shen
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