On August 9, 2022, Gregory O. Tuttle of Tuttle Yick LLP successfully opposed a motion to dismiss various fraud, breach of contract and derivative claims brought against former partners in a partnership dispute.
Tuttle Yick represents Robert Taylor in a partnership dispute Taylor brought against his former partners in a bitcoin ATM joint venture business (“CoinBTM”) based in New York City. According to the Complaint, Taylor recruited several partners, who were experienced virtual currency traders, to help secure a “BitLicense” and to expand his existing business.
The parties all agreed that they would formalize CointBTM’s business arrangement in a joint venture agreement. But after Taylor invested about $90,000 in start-up capital, assigned his existing bitcoin ATMs placement agreements and leases to the joint venture, the other partners ousted Taylor from the business and refused to distribute any CoinBTM profits to Taylor.
CoinBTM’s in-house counsel, compliance officer, and minority partner brought a motion to dismiss Taylor’s complaint. The New York Supreme Court denied Basmaji’s motion to dismiss in its entirety.