Financial Data Co. FactSet Sues Blockchain Affiliate Terminal


FactSet, a US financial research firm, filed a lawsuit against a company affiliated with the professional trading service Blockchain Terminal (BCT), according to documents published by the Supreme Court for the State of New York County, January 3.

As stated in the lawsuit, in January 2018, FactSet and the defendant – CG Blockchain – entered into an agreement to develop an interface between the products of the two companies. FactSet has also granted a license to CG to use its products.

According to the documents, CG had agreed to pay a minimum license fee of about $ 3.8 million, payable in three increments.

However, FactSet claims that the amount has not been paid, and insists that the contract between the two companies was therefore violated. Furthermore, the applicant states that the CG retained the benefit of the use of the envisaged licenses, also depositing a second part of the complaint concerning the "unjust enrichment" of the CG.

FactSet insists that CG owes the company $ 2.8 million of damages, in addition to interest and attorney fees.

According to the crypto news outlet The Block – which recently published an investigation on Blockchain Terminal – this is not the first lawsuit filed against CG. According to documents filed in the same court, the New York personnel company Clarity LLC cited CG and, in particular, its CEO Edith Pardo, for about $ 150,000 in October 2018. Plaintiff claims that CG has failed to pay for recruitment services.

In December, The Block published his investigation claiming that the person behind the BCT, allegedly called Shaun MacDonald, would be a convicted crook, whose real name is Boaz Manor.

According to Toronto's The Star store, Manor received a four-year prison sentence in Canada in 2012 for embezzling $ 106 million from the Toronto hedge fund he co-founded. In April, The Globe and Mail reported that Manor agreed to repay nearly $ 8.8 million in compensation and accepted a lifeline ban from the securities industry.

Later in December, the official Twitter account of BCT posted an interview with MacDonald, in which he admitted that his real name is Boaz Manor.

It is said that BCT collected most of its funds through a $ 31 million ICO for its BCT token native in September 2017, The Block wrote in December.

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