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Topic: [MTGox Sued 5/2/2013] Statement Regarding Formal Complaint - page 3. (Read 6327 times)

legendary
Activity: 1176
Merit: 1005
Well they can definitely challenge the courts jurisdiction on the matter, and it would be up to CoinLab to prove that Mt. Gox was doing buisness in Seattle (Washington Western District).  It sounds like Mt. Gox doesn't want to sell off its US customer base, at least not yet.

It is very unlikely they can challenge it successfully.  The contract contains a choice-of-forum provision specifying King County Washington and agrees to personal jurisdiction.

It's at least somewhat likely Gox can win there or anywhere, though.  We'll need to know more details before that can be judged, though.

Specifically:

Quote
7.  The Agreement provides that the Defendants “irrevocably consent to the personal jurisdiction of and venue in the state and federal courts located in King County, Washington with respect to any action, claim or proceeding arising out of or relating to this Agreement.”

8.  The Agreement provides that it shall be governed, construed and interpreted inaccordance with the laws of the State of Washington.

Such choice-of-forum and choice-of-law provisions are routinely enforced.
hero member
Activity: 697
Merit: 501
Life will go on and toy companies don't make very good financial institutions.  On to bigger and better exchanges I hope.
member
Activity: 60
Merit: 10
It seems contrary to the spirit of bitcoin to resort to the courts over a purely commercial dispute. Absent some fraud or theft on the part of Gox, I would rather see this settled in private. That said, this raises the question of whether "exclusive license" means exclusive of the licensor...

Sorry, what? So, if I break into your house and steal the USB your private key is stored on (an example - I have no idea where you store your private key), you won't sue me or prosecute? You'll attempt to "settle in private", meaning you will ask for your money back, I'll laugh and ignore you?

What's your address?
full member
Activity: 176
Merit: 106
XMR = BTC in 2010. Rise chikun.
Here is further detailed information regarding CoinLab's lawsuit against Mt. Gox:

2013-05-02 Gawker article, "Massive Bitcoin Business Partnership Devolves Into $75 Million Lawsuit":
http://gawker.com/massive-bitcoin-business-partnership-devolves-into-75-487857656

Official court document, CoinLab, Inc. v. Mt. Gox KK & Tibanne KK (filed 2013-05-02 in Washington by CoinLab's attorneys at the law offices of Breskin Johnson & Townsend PLLC):
http://www.scribd.com/doc/139160091/Coinlab-v-Mt-Gox

Official contract between CoinLab, Inc. & Mt. Gox KK, "Exclusive License Agreement for the USA & Cananda", with signatures of Mark Karpeles, CEO of Mt. Gox KK & Peter Vessenes, CEO of CoinLab, Inc.:
http://www.scribd.com/doc/139181173/Contract-between-Mt-Gox-and-Coinlab
newbie
Activity: 42
Merit: 0
Well they can definitely challenge the courts jurisdiction on the matter, and it would be up to CoinLab to prove that Mt. Gox was doing buisness in Seattle (Washington Western District).  It sounds like Mt. Gox doesn't want to sell off its US customer base, at least not yet.

http://coinlab.com/press

http://www.scribd.com/doc/139160091/Coinlab-v-Mt-Gox
sr. member
Activity: 308
Merit: 250
OK, this is going to be interesting...
Does anybody have background information on this:
Who was unwilling (not capable?) to fulfill their part of the agreement? Did MtGox i.e. intentionally take the risk of loosing 50+Mio%?
legendary
Activity: 1311
Merit: 1000
Wait what did I miss I thought coinlab was going to trade to US customers, now they're suing??
member
Activity: 107
Merit: 11
Besides making many announcements and now suing Mt.Gox - have CoinLab actually helped Bitcoin in any way?

Have they done anything at all?

For such a clever group, I would expect more.
hero member
Activity: 602
Merit: 500
best business ever.
start company, enter agreement,
not have it fulfilled
sue for 75 million.
retire
member
Activity: 94
Merit: 10
It seems contrary to the spirit of bitcoin to resort to the courts over a purely commercial dispute. Absent some fraud or theft on the part of Gox, I would rather see this settled in private. That said, this raises the question of whether "exclusive license" means exclusive of the licensor...
full member
Activity: 154
Merit: 100
We, as a mass of people, can withdraw all the money from both companies: COinLab and MtGOx.

Nobody has a right to control Bitcoin, and a corporation suing another one, fighting for "its users" sound to me pathetic.


Cash out, let them without any dolar, without any bitcoin. Fight for your rights.
newbie
Activity: 41
Merit: 0
Mt. Gox has been contacted by Coinlab (US) regarding a formal complaint filed against us in the United States. As we have just now received the complaint, neither Mt. Gox nor our legal team can make any official comment on the matter at this time, but we take this very seriously and will respond appropriately and quickly once we have had time to review it.

Source:
https://mtgox.com/pdf/20130503_coinlab_lawsuit.pdf
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