Former ConsenSys Employees File Lawsuit Against Joseph Lubin

Reading Time: < 1 minute

A lawsuit has been filed by more than 20 ex-employees of ConsenSys against founder Joseph Lubin, alleging that he failed to fulfill a stock agreement for the infrastructure company.

The plaintiffs claim that they were enticed to work for ConsenSys in 2014 with promises of it being the “future of cryptocurrency” and “cryptoGoogle,” agreeing to a lower salary and a share in the company.

Lubin had initially allocated 30% of the holding company’s shares to employees, with the plaintiffs owning approximately 9% of this division.

However, they allege that in 2015, Lubin reneged on his promise not to dilute their shares, leaving them with nothing while he personally benefited and became rich.

The plaintiffs, who held shares in Switzerland’s ConsenSys AG (formerly ConsenSys Mesh), claim that their securities became worthless when Lubin transferred rights to MetaMask and other assets to a new US-based unit in 2020.

JPMorgan is also named as a defendant in the lawsuit for its role in executing the transaction, which resulted in them becoming a new shareholder in the organization.