A recent report suggests that the lawsuit over Augur, the Ethereum-powered prediction market, has been dismissed by the San Francisco County Court. The dismissal came at the request of the plaintiff, former CEO of Augur Matthew Liston, who has reportedly agreed to settle the case outside of court with the defendants, the founding members of Augur.
$152 Million Lawsuit Terminated for Good
This year in April, blockchain entrepreneur and former co-worker of Augur Liston took legal action against three of the platform’s founding members, Jack Peterson, Jeremy Gardner, and Joseph Charles, as well as angel investor Joseph Costello, for allegedly executing an attempt to take over the project. At the same time, Liston has alleged that the defendants failed to recognize him as a co-founder of Augur.
Liston sought combined damages tallying $152 million USD. That amount included $38 million in general damages and $114 million in punitive damages, making it the most expensive private lawsuit in crypto. Augur’s current market cap stands at $137 million.
However, Liston’s legal representative O. Shane Balloun of Balloun Law, a specialist in startup law, requested the court dismiss the case with prejudice, meaning the lawsuit would be terminated permanently, as reported by Forbes. San Francisco County Court records indicate that Liston’s lawsuit was dismissed on October 12th.
Reportedly, however, another court document from last month reveals Liston’s legal representatives are working on settling claims outside the courtroom:
“…the parties have reached a settlement in principle and are working diligently to finalize a written settlement agreement.”
Details of the off-court deal have been kept private by both parties. However, Liston did confirm to Forbes that “the case was settled”.
Liston Grows His Blockchain Presence While Augur Struggles
While the Augur case moves to a private settlement, the dispute to acknowledge Liston as co-founder of the Augur Project could continue, at least on social media. Liston describes himself as founder of the project.
The Ethereum-powered cryptocurrency betting startup Augur was first launched in July. Since its launch, activity on the platform has declined significantly. Meanwhile, former co-worker Liston has been keeping busy in multiple blockchain projects. The pioneer launched a blockchain-based religion dubbed Zero Ex Omega.
“We’re incentivizing mindsharing, and eventually mind upload to use consensus to form a structure of collective consciousness. And then, we’ll elevate an individual interaction with a religious structure as a group participation in a collective consciousness where the structure itself is god.”
Moving on from Augur, Liston also offered a helping hand to Gnosis limited–a prediction market protocol, that is likely to pose as a direct competitor to Augur.
Have your say. Are you familiar with the details surrounding the prediction platform’s legal controversy?
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