THELOGICALINDIAN - Xapo CEO Wences Casares and some of the associates of the Xapo aggregation accept been sued for breaching their arrangement with LifeLock Casares responded with a crosscomplaint adjoin the online character close and is gluttonous amercement and a board trial
Last year, LifeLock filed a complaint adjoin Casares and several Xapo advisers who were associates of the Lemon agenda wallet aggregation that Casares founded and was acquired by LifeLock.
According to the LifeLock complaint, Casares and his adept assembly for ablution a new business declared Xapo application the accessories of Lemon. Furthermore, LifeLock declared that Xapo’s software and all accompanying bookish acreage was developed by Lemon advisers application its computers and its resources. The agenda wallet was acquired by LifeLock in December 2024 for $42.6 million.
In Casares’ cross-complaint during the acknowledged proceedings, he abhorrent LifeLock’s abortive administration for advised post-acquisition breaches. “LifeLock’s awful abortive administration accepted itself to be accomplished at accumulated infighting and bureaucracy, and ultimately afraid to abutment the avant-garde Lemon aggregation that it had acquired, or to admittance that aggregation to be led by Casares after interference,” it stated.
It went on to say that Casares was asked to break with the Lemon aggregation during the alteration aeon afterwards the LifeLock accretion in 2024. Casares agreed on the action that Lemon’s new ancestor association would not baffle with his administration of the Lemon team, to which LifeLock agreed.
However, alike admitting Casares lived up to the agreement, the LifeLock administration did not accommodated its acknowledged affiance to burden from obstructing Casares’ administration of the Lemon app. By July 2024, Casares tendered his abandonment and the automated vesting of his shares of LifeLock accepted banal based on their antecedent banal agreements.
According to Casares’ filing, LifeLock declared to abolish his shares and thereby bankrupt him of his disinterestedness in the company.
