Gina R. Méndez-Miró. Photo: Diego M. Radzinschi/ALM Mango Labs Sues Ex-Employees for Over $10M After 'Egregious' Governance Nightmare
"It's good for the industry to take a stand against this kind of conduct," said Michael Burshteyn, a shareholder at Greenberg Traurig.
October 09, 2024 at 03:10 PM
4 minute read
What You Need to Know
- Mango Labs has sued 12 people.
- The defendants are accused of partaking in a scheme that netted them $2.5 million in profits and cost Mango Labs over $10 million in damages.
- An Am Law 20 firm brought the lawsuit on behalf of Mango Labs.
The entity behind a decentralized cryptocurrency exchange sued ex-employees in a San Juan, Puerto Rico, federal court over their alleged involvement in a scheme that stole over $2.5 million and inflicted damage exceeding $10 million to the company.
Michael Burshteyn, a shareholder at Greenberg Traurig in its San Francisco office who represents the plaintiff, Mango Labs, said in filing the complaint that it was not just that the defendants—John Kramer, Maximilian Schneider and 10 unknown individuals—attempted to allegedly profit unjustly in violation of their duties.
Michael Burshteyn, with Greenberg Traurig. (Courtesy photo) NOT FOR REPRINT
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