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'Founder Faces Lawsuit from Ex-ConsenSys Staff for Breach of Employee Equity Agreement'

‘Founder Faces Lawsuit from Ex-ConsenSys Staff for Breach of Employee Equity Agreement’

Over two dozen former employees of ConsenSys, an Ethereum infrastructure firm, have filed a lawsuit against the company’s founder and CEO, Joseph Lubin. The plaintiffs claim that Lubin diluted their equity shares, going against his promise not to do so. They allege that Lubin enticed them to work for ConsenSys in 2014 with promises that the company would become the “future of cryptocurrency” and the “crypto Google.” However, they argue that Lubin broke his promise and profited while they received nothing. The plaintiffs also named JPMorgan as one of the defendants, accusing the bank of playing a role in the asset transfer that rendered their shares worthless. ConsenSys has dismissed the claims as “frivolous” and believes that the plaintiffs are attempting to enrich themselves through litigation. The plaintiffs are seeking damages across six different causes of action.

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