Paycase Global Corp, a cryptocurrency startup out of Canada, has filed legal action against TMX Group, for allegedly cancelling an earlier agreed on deal. The TMX Group which operates the Toronto Stock Exchange is being sued for breach of contract.
The agreement between both entities was initiated to create several crypto products and services and now, Paycase is suing for $500 million in damages for loss of revenue, loss of reputation and loss of opportunity as well. As contained in the lawsuit filed on Monday the 23rd of September with the Superior Court of Justice in Canada, Paycase also wants TMX to resume the partnership based on their agreement.
Back in March 2018, both Paycase and the TMX Group agreed to a partnership which includes a formula for sharing revenue for the development of an over-the-counter (OTC), crypto brokerage desk as well as crypto indexes, for ten years.
The $500 million being asked for is currently the largest amount every sought in a crypto case in all of the sector’s history and according to a TMX Group spokesperson, the company, through a subsidiary known as the Shorcan Digital Currency Network, is very interested in reaching a mutually beneficial solution . The spokesperson says they have been trying to “find a viable and mutually-agreeable business solution” however adding that “we are very disappointed that Paycase has chosen to go this route. TMX disputes the claims made and we plan to defend ourselves vigorously.”
Image Credits: Pixabay
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