ZUG, 16 MARCH 2020. In line with our principles of transparency, it is our obligation to inform the Cardano community of legal proceedings recently initiated by the Z/Yen Group Limited (UK) against the Cardano Foundation (Switzerland). The proceedings relate to an alleged agreement between the Z/Yen Group Limited and the Cardano Foundation dated July 2017. The Cardano Foundation voided/terminated the agreement for various reasons. The Cardano Foundation fully rejects the claims raised by the Z/Yen Group Limited. Due to the ongoing nature of this judiciary process, no further information will be given while proceedings are in progress.
Appreciate the transparency.
Thanks for the heads up CF. This does not make Z/Yen look good at all. Z/Yen looks petulant to come back years later and file a lawsuit after all that has been accomplished since getting rid of Parsons.
Well said Rick!
Quoting Charles from Telegram official channel as comments there are lost:
“Parsons stuff. He gave a contract to his BFF to do cryptocurrency research for a high fee that wasn’t cardano specific. Apparently CF cannot cancel it or termination is difficult regardless of commercial value.”
It’s a standard dispute that will get resolved quickly"
“These things are fairly typical when you have a dramatic change in management”
“Generally you renegotiate old contracts and agreements the prior Administration signed”
“However every now and then certain parties are unwilling to renegotiate”
“And they’d rather roll the dice with the courts”
I bet that Mainelli guy is a scam artist and has played everyone around him to get his position as Sheriff, hopefully someone wants to take him down, this whole thing looks like prejudice based off of the Parson CF incident of the past, Mainelli is still large and in charge of the company suing and I bet it is most likely his ego - “he cannot let a crypto community shame him and not come out on top among his peers can he?” Watch this clip aired tonight - It might just wake you up a little bit about the depth of the corruption that crypto experiences and what it takes to fight guys like Mainelli.