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Quick Take
- One of Wall Street's largest data providers is taking legal action against an affiliate company of Blockchain Terminal.
- The suit cites 'failure to pay under a licensing agreement,' assuming the product has not been delivered.
Multi-billion dollar financial data firm Factset is suing CG Blockchain, an affiliated company of Blockchain Terminal (BCT Inc), for breach of contract, based on New York court filings from January 3.
The lawsuit follows The Block's recent investigation of BCT Inc., which shares its management with CG Blockchain. The report was published by Boaz Manor, who was sentenced to prison for his role in an $ 800 million hedge fund. Bloomberg-esque trading terminal for crypto was legitimate. Manor has since said it is a functional product. The FBI is also investigating the company, sources have told The Block.
Based on the allegations in the lawsuit, Factset announced a partnership with CG Blockchain in February last year offering its clients access to their crypto products. Now, it seems that Factset is suing CG Blockchain for 'failure to pay under a licensing agreement,' assuming the product has not been delivered. Factset, a provider of data technology software to Wall Street firms, has removed a press release from its website. The firm publicly trades on NYSE and has a market capitalization of $ 7.7 billion.
The filing claims that the defendants are both individually and collectively, Jeffrey Ramson on into purchasing $ 150,000 of cryptographic tokens … The proof likewise shows that no defendant intended to use Coram's $ 150,000 investment for the ICO. " filing claims that Manor admitted to the plaintiff, Mr. Ramson, that the firm had run out of money by July 2018.
Edith Pardo is the actor who signed CG Blockchain's Form D filing with the SEC. She is an executive at public relations firm, Estey-Hoover.
"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, "crypto lawyer David Silver told The Block. He added, "This litigation is exactly what should be expected. I have lost money in ICOs where management is overpromised and underdelivered. Plays out as a precedent. "
