U.S. News | Silicon Valley Startup Accused Of Shutting Out Early Creators

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Mid last month, a Florida investment company, Local Ventures & Investments LLC (LVI), Dustin Sinkey, Derek Waterman and Chase Smith filed a lawsuit in the U.S. District Court for the Northern District of California against the Open Foundation, Angud “Ken” Sangha, Appclarity Inc. and Clear Technologies Software Inc.

The plaintiffs claim that the defendants infringed on its software and earned heavily from using it. Meanwhile, Open Foundation, which does business as Open Platform, is a cryptocurrency trading company headed by Sangha.

Sinkey and Waterman created Open with Sangha to provide an easier platform for those paying with various types of cryptocurrency. The software was developed by sinkey.

Sangha became CEO and Waterman wrote white papers to stoke interest in the company. The plaintiffs further claim that they offered marketing services leading to open raising approximately $23 million.

According to the plaintiffs, Sangha forced out plaintiffs, his fellow co-founders and the early executives of Open, and the people actually responsible for Open’s achievements and took hold of it.

The plaintiffs’ claim copyright infringement for the Open software and seek compensatory damages, restitution, attorneys’ fees, costs and all expenses as the court deem fit.

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LVI vs Open Foundation Et. Al

Court – U.S. District Court for the Northern District of California

# Case – 3:18-cv-05581-EDL

Filing Date – September 19th, 2018

Cause – Infringement

Case – Copyright Infringement

Plaintiff Representation – Randolph Gaw of Gaw Poe LLP.

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About Nathaniel Adebayo 205 Articles
Nathaniel is a News Reporting Intern at Nigerian Law Intellectual Property Watch (NLIPW). He has a passion for writing, capacity building and social media marketing. He is a graduate of Federal University of Technology, Minna, where he graduated with BTECHAGRIC. He is a member of Soil Science Society of Nigeria (SSSN) and the National Union of Campus Journalist (NUCJ). Nathaniel has served as Editor-in-Chief for a number of magazines and as a contributor to various online repositories. Email: anathaniel@nlipw.com

1 Comment

  1. Well, it’s plausible in Western polity, such may not be readily available in Africa, hopefully we are still progressing to it.

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