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Xapo Executives’ Attempt to Dismiss Lifelock Lawsuit Overruled
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Earlier in June, billion-dollar security company LifeLock filed a lawsuit against Xapo that might jeopardize the ownership of Xapo’s bitcoin wallet technology. This week, Xapo executives, including founder Wences Casares, lost their bid to have the breach-of-contract lawsuit thrown out.
California Superior Court Judge Peter Kirwan rejected the demurrer submitted by Xapo executives regarding the breach-of-contract suit for lacking sufficient facts. However, Kirwan also noted that the agreement signed between Lemon Inc. and LifeLock does not enforce ownership of bitcoin-related technology and products.
In the filing, LifeLock accused Xapo executives of not revealing their bitcoin wallet project and that it was developed in LifeLock’s offices using with their resources. But Xapo argued that LifeLock was well aware of the project and that LifeLock did not want Lemon’s bitcoin-related technologies assets.
Fortune reported that Casares “subsequently secured letters from a senior LifeLock executive to that effect.” Bitcoin Magazineobtained a copy a letter that appears to be signed by LifeLock president Hillary Schneider.
Xapo executives began “working” for LifeLock when the security company acquired a digital wallet platform called Lemon for around $42.6 million USD in 2013.
The judge told Casares that he must respond to the complaint by July 24. A Lifelock spokesman said, “We are pleased with the ruling, but can’t comment further on pending litigation.”