UPDATE (4th June 18:10 BST): The report has been updated with comment from Steven Ragland, the attorney representing Wences Casares.
Several Xapo executives including founder and CEO Wences Casares are being sued for alleged contract violations.
The suit, filed in August 2014 by online identity firm LifeLock, alleges breach of contract and breach of fiduciary duty against Casares, president and general counsel Cindy McAdam, and founder and COO Federico Murrone.
According to the criminal complaint filed by LifeLock, the software underpinning Xapo, as well as related intellectual property, was "developed by Lemon's employees, in Lemon's facilities, on Lemon's computers, and on Lemon's dime."
Lemon alleged that it later learned that Xapo's employees included the aforementioned defendants following the publication of a New York Times article on 14 March last year.
The complaint noted:
Lemon is seeking damages and remedies has requested a trial by jury.
Following the publication of this article, CoinDesk was contacted by attorney Steven Ragland, who is representing Casares in the lawsuit. In a statement, he called the allegations "baseless", arguing:
The full complaint can be found below:
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.