‘He broke his word’ — Ex-ConsenSys staff sue founder over employee equity deal

Over two lots former staff members of Ethereum facilities firm ConsenSys have submitted a fresh claim against the firms creator and CEO, Joseph Lubin, over claims he watered down worker equity shares versus earlier promises.The previous staff allege that Lubin– who is likewise a co-founder of Ethereum– breached this “no-dilution guarantee” made in 2015, according to the plaintiffs Oct. 19 filing in a New York Supreme Court. Source: New York Supreme CourtThe plaintiffs also called financial investment bank JPMorgan– as one of the 7 accuseds– declaring it “played a pivotal role” in working out the property transfer and became a new equity holder in the new U.S. entity:” Lubin, his inner circle, and JPMorgan kept the information of the settlements secret– Plaintiffs were left in the dark.” Despite claims that the complainants legal obstacle went “nowhere” in Switzerland, the countrys High Court of Zug provided a judgment in favor of the plaintiffs.The complainants say the judgment supports their position that Lubin breached his duties.ConsenSys was established in October 2014, about 9 months before the Ethereum blockchain launched in mid-2015.

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Over 2 dozen former employees of Ethereum infrastructure firm ConsenSys have submitted a fresh claim against the companys founder and CEO, Joseph Lubin, over claims he diluted staff member equity shares against earlier promises.The former personnel declare that Lubin– who is likewise a co-founder of Ethereum– breached this “no-dilution promise” made in 2015, according to the plaintiffs Oct. 19 filing in a New York Supreme Court. Source: New York Supreme CourtThe complainants likewise called investment bank JPMorgan– as one of the 7 offenders– alleging it “played a critical function” in working out the asset transfer and became a new equity holder in the brand-new U.S. entity:” Lubin, his inner circle, and JPMorgan kept the information of the negotiations secret– Plaintiffs were left in the dark.” Despite claims that the complainants legal difficulty went “nowhere” in Switzerland, the countrys High Court of Zug provided a judgment in favor of the plaintiffs.The plaintiffs state the ruling supports their position that Lubin breached his duties.ConsenSys was established in October 2014, about 9 months before the Ethereum blockchain introduced in mid-2015.