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Mt. Gox

CoinLab sues for $75m

2 May, 2013

Coinlab’s files a Federal lawsuit inWashington State. Coinlab alleging that Mt. Gox has breached a contract clause which was supposed to give Coinlab exclusive access to the North American market. The lawsuit states:

Defendants have breached the exclusivity provisions of the Agreement by directly servicing customers in the United States and Canada since the Agreement took effect

Despite repeated requests to do so, Mt. Gox has failed to deliver all passwords, Yubikeys, administrative logins and any other security information required so that CoinLab may assume operation of the Bitcoin exchange services for customers in the United States and Canada.

Coinlab is demanding $75 million in damages, and even that, it says, “likely underestimates the actual damages.”