A Group of Early ConsenSys Employees File Lawsuit Against Joseph Lubin
A class action lawsuit has been filed against Joseph Lubin, the co-founder of Ethereum and CEO of blockchain company ConsenSys, by a group of early employees. The employees claim that Lubin violated his legal commitments and duties by transferring valuable assets from the original Swiss firm, ConsenSys AG, to a new entity called ConsenSys Software Inc. located in the U.S. This transfer allegedly resulted in the shares of ConsenSys AG becoming nearly worthless, which the ex-employees had agreed to receive in exchange for lower pay.
The plaintiffs also accuse JPMorgan, one of the defendants in the case, of keeping the negotiation details secret and playing a crucial role in the transfer. This lawsuit follows an unsuccessful attempt by the former workers to seek justice in a Swiss court. The plaintiffs are seeking damages as compensation for their losses.
Hot Take: Early ConsenSys Employees Sue Joseph Lubin Over Asset Transfer
A group of early employees from ConsenSys AG have taken legal action against Joseph Lubin, claiming that he breached his legal obligations by transferring valuable assets from the original Swiss firm to a new entity based in the U.S. The employees argue that this move rendered their shares in ConsenSys AG essentially worthless. Additionally, they allege that JPMorgan was involved in keeping the negotiation details hidden. While a previous attempt in a Swiss court did not yield favorable results for the ex-employees, they are now seeking damages through a class action lawsuit filed in New York Supreme Court.
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