Wall Street’s Biggest Data Provider Factset Sues CG Blockchain of BTC Inc for Breach of Contract
Factset, one of the largest data providers in the world is suing the affiliate company of Blockchain Terminal, CG Blockchain (BCT Inc), for breach of contract. The information was released by The Block citing New York court filings released on January 3.
This lawsuit is related to an investigation made by The Block about BCT Inc. According to this report, the firm was run by Boaz Manor, who was sentenced to prison back in 2012. He was allegedly involved in irregular activities while working in an $800 million hedge fund.
Apparently, Factset partnered with CG Blockchain back in February 2018 offering clients access to crypto-related products. However, it seems that CG Blockchain was not able to pay under a licensing agreement. That means that the product has not been delivered.
This is not the first time that a company takes legal action against CG Blockchain. The firm Clarity LLC sued the company for $150,000. Apparently, CG Blockchain did not answer the lawsuit. Furthermore, Corram Holdings LLC has also filed a lawsuit against the firm.
This last filling claims that the defendants (CG Blockchain) engaged in a fraudulent scheme to dupe Corram’s principal Jeffrey Ramson to buy $150,000 of specific cryptocurrencies.
David Silver, a crypto-related lawyer, commented on this issue:
“It appears, according to the plaintiff, that Ms Pardo was involved in raising funds. If that’s true, Ms Pardo has a lot of explaining to do. This litigation is exactly what should be expected given the press BCT received. And a lot of plaintiffs claim they have lost money in ICOs where management overpromised and underdelivered. So it will be interesting to see how this plays out as a precedent.”
Edith Pardo is the attorney that was responsible for signing CH Blockchain’s Form D filing with the U.S. Securities and Exchange Commission. As per the report, she is also an executive at a firm called Estey-Hoover.