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EquityFeed vs Timothy Sykes Lawsuit

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nodummy   Saturday, 08/01/20 01:17:04 PM
Re: None
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EquityFeed vs Timothy Sykes Lawsuit

Interesting read:

https://www.courtlistener.com/recap/gov.uscourts.flsd.574493/gov.uscourts.flsd.574493.1.0.pdf

EquityFeed (Scanz) is suing Timothy Skyes, Zachary Westphal, and Timothy Bohen ("the Skyes group") and their business JewMon Enterprises LLC and related entities.

Based on the info in the Complaint:

The Skyes Group (JewMon) signed an agreement with EquityFeed (Scanz) in the spring of 2013 for worldwide, non-transferable, non-assignable, non-exclusive license to use certain of the Scanz Assets and Scanz Trade Secrets, including (without limitation) computer software, so that Jewmon could offer to its client-stock-traders a desktop market analysis platform via “white label” at a website Jewmon allegedly owned, to wit: www.stockstotrade.com.

Scanz was supposed to get 70% of the subscription-based revenues with 30% going to JewMon (the Skyes group).

The partnership was terminated in April 2015 with JewMon agreeing to not use any of the Scanz trade secrets that JewMon had previously been given permission to use.

The Skyes group eventually launched their platform in 2016 and according to Scanz, the Skyes group went on to use the trade secrets anyways. They found that the Skyes platform contains virtually identical functionality as the Scanz Assets, Scanz Trade Secrets and associated Scanz product offerings and even a virtually identical "look" and "feel".

So now they are suing the Skyes group for around $10 million in damages plus attorney fees and asking for all sorts of restrictions against the Skyes group.

Like I said, interesting read.




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