New legal setbacks – The company Consensys was founded in 2015 in Joseph Lubinone of the co-founders ofEthereum. The company is at the origin of several renowned products such as MetaMask Or Infura. However, its founder Joseph Lubin is at the heart of the turmoil after former employees file a complaint.
Joseph Lubin accused of betraying his employees
On October 19, nearly thirty former Consensys employees filed a complaint to the Supreme Court of the State of New York. The latter attempt to highlight practices deemed questionable around the distribution of company shares.
Thus, these former employees accuse Lubin of diluting employee shares contrary to the promises made by the leader in 2015. A commitment which, according to the complainants, was subsequently broken. Leaving them virtually empty-handed while Lubin reaped huge profits.
In practice, these employees were shareholders of Consensys AG, a holding company based in Switzerland. However, the value of the latter’s shares collapsed when Lubin transferred part of the assets to a new entity based in the United States in 2020.
“He didn’t keep his word. [et] he violated his commitments and his legal duties. While Lubin got rich, the plaintiffs got nothing. »
In addition, employees also point the finger at the bank’s involvement J.P. Morgan. They accuse the bank of having played a crucial role in negotiating the transfer of assets and of having become a new shareholder in the new entity in the United States.
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Consensys’ response
Faced with these accusations, Consensys quickly clarified the situation. Thus, the company spokesperson brushed aside the allegations, calling them “frivolous”. According to him, the plaintiffs are now seeking to exploit the American legal system after failing to assert their claims in a Swiss court.
However, the High Court of Zug rendered a judgment in their favor. It now remains to be seen what American justice will do with this matter.
For their part, the plaintiffs are seeking damages on six separate grounds, with the amount to be determined at trial.
Clearly, this is not the year of Consensys. Indeed, at Last August the company was accused of stealing the source code of its MetaMask wallet. The plaintiff, Joel Dietz, accuses the company of stealing his idea and intellectual property.
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