Paycase Global Sues TMX Group for $500 Million Following TMX's Purported Termination Of Contracts
Paycase Global Corp. has filed a statement of claim with the Ontario Superior Court of Justice against defendants TMX Group Limited, Shorcan Brokers Limited and Shorcan Digital Currency Network Inc. for damages of $500 million in connection with TMX's purported termination of two 10-year commercial agreements.
TORONTO, Sept. 24, 2019 /PRNewswire-PRWeb/ -- Claim proceeding number is: CV-19-00627887-0000
These agreements were for the joint creation of a crypto brokerage desk and proprietary cryptocurrency data products, in order to provide institutional and retail clients with access to Bitcoin and other cryptocurrencies.
In connection with its litigation, Paycase Global has acquired financing from Bentham IMF, one of the most established and experienced commercial litigation funders in the world, to support the claim proceedings.
In connection with TMX's purported termination of the contracts, Paycase is seeking damages in the amount of $500 million in addition to other remedies, based on revenue forecasts discussed with TMX prior to entering into the contracts and damages incurred.
With these two ventures being first to market, combined with Paycase's deep knowledge and experience with current and forthcoming regulations, this partnership could have cemented the Paycase/TMX platform as a global leader in the space.
Since the announcement of the Paycase/TMX partnership, similar models have been successfully implemented by other major financial institutions.
SOURCE Paycase Financial
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