- One of Wall Street’s largest data providers is taking legal action against an affiliate company of Blockchain Terminal.
- The suit cites ‘failure to pay under a licensing agreement,’ assuming the product has not been delivered.
Multi-billion dollar financial-data firm Factset is suing CG Blockchain, an affiliated company of Blockchain Terminal (BCT Inc), for breach of contract, according to New York court filings from January 3.
The lawsuit follows The Block’s recent investigation of BCT Inc., which shares its management with CG Blockchain. The report revealed how the firm was secretly run by Boaz Manor, who in 2012 was sentenced to prison for his role in an $800 million hedge fund that came under investigation by Canadian authorities. The report also shared accounts of former employees who questioned whether the company’s Bloomberg-esque trading terminal for crypto was legitimate. Manor has since said it is a functional product. The FBI is also investigating the company, sources have told The Block.
According to the allegations in the lawsuit, Factset announced a partnership with CG Blockchain in February last year offering its clients access to their crypto products. Now, it seems that Factset is suing CG Blockchain for ‘failure to pay under a licensing agreement,’ assuming the product has not been delivered. Factset, a provider of data technology software to Wall Street firms, has removed a February press release of its tied to Blockchain Terminal from its website. The firm publicly trades on NYSE and has a market capitalization of $7.7 billion.