FactSet, a financial data and software company headquartered in Norwalk, Connecticut, United States, as per published court documents on Thursday, Jan. 3rd 2019, filed a lawsuit against CG Blockchain, an affiliate company of Blockchain Terminal (BCT).
As stated in the filed lawsuit at the Supreme Court for The State of New York County of New York, FactSet and the defendant CG Blockchain, entered into a partnership agreement to develop an interfacing application and co-operate to sell it to their mutual clients.
Factset also granted CG, licenses, during the term of this agreement solely to support Factset’s development applications, enable an interface between products of the two firms, and market the applications, to which CG had agreed to pay a minimum license fees of about $3.78 million, payable in three installments of $0.945 million, $0.945 million, and $1.89 million.
But, CG didn’t keep up its payments, thus breaching the licensing fees contract, and furthermore, retained the benefits of using the licenses provided, which is included in the second part of the filing complaint covering CG’s “unjust enrichment.”
FactSet claims that owing to the breach of contract, the company sustained damages amounting to $2.835 million, plus interest.
This is not the first lawsuit filed against BCT affiliate, CG. As per the documents filed on Friday, Oct. 19th, 2018, in the same court, Clarity LLC too sued CG and, in its managing director Edith Pardo, for about $145,000, plus interest, alleging breach of contract.