Xapo CEO Wences Casares Takes Legal Action Against LifeLock

Yessi Bello Perez
Jul 27, 2015 at 11:59 UTC
Updated Jul 27, 2015 at 12:05 UTC
newsInBrief

Wences Casares, the CEO of bitcoin company Xapo, has begun legal proceedings against online identity firm LifeLock in response to a suit filed by the company which alleged contract violations against him and several Xapo employees.

The cross-complaint filed by Casares at California’s Superior Court on 24th July states:

“LifeLock’s highly dysfunctional management proved itself to be adept at corporate infighting and bureaucracy, and ultimately unwilling to support the innovative Lemon team that it had acquired, or to permit that team to be led by Casares without interference.”

It continues: “LifeLock’s dysfunctional management – and its willful and and intentional post-acquisition breaches of its agreements with Casares and his team – squandered the success of its acquired company, and then sought to blame everyone but themselves for their mistakes.”

LifeLock acquired digital wallet company Lemon Inc, founded by Casares, for $42.6m in December 2013.

In August 2014, LifeLock filed a complaint against Casares and several Xapo employees, all of whom were employees of Lemon at the time of purchase.

In the complaint, LifeLock alleged that Xapo’s software and all related intellectual property was developed by Lemon employees, in Lemon’s facilities, using its computers and its resources.

Casares is seeking damages and a jury trial.

CoinDesk has contacted Casares for comment.

The full cross-complaint can be found below: 

LifeLock and Xapo Lawsuit