Co-founder claimed he was owed five million shares.
Fred Krueger has dismissed his lawsuit against MMX (Minds + Machines).
Krueger sued MMX earlier this year, claiming he was owed five million shares in the new top level domain name company he co-founded.
The parties did not settle but agreed to a tolling agreement under which MMX can’t try to dismiss a future claim over the matter due to statute of limitations if the claim wasn’t barred before the previous lawsuit.
Here’s the statement MMX released this morning:
The Company is pleased to report that Fred Krueger and all other plaintiffs have dismissed their lawsuit against the Company and all other defendants, as initially reported in the Company’s RNS dated 26 February 2016, without prejudice, pursuant to a tolling agreement between the parties (the “Tolling Agreement”). The Company and other defendants named in the dismissed suit have made no settlement, monetary or otherwise, and have admitted no liability, with respect to the entering into of the Tolling Agreement and dismissal of the suit.
The Tolling Agreement provides that if the plaintiffs refile their suit, that any statute of limitation defenses of the defendants will be based on the date of the filing of the dismissed suit, 23 February 2016, but will not be deemed to revive any of the plaintiffs’ causes of action, claims, rights, legal positions, or defenses, at law or in equity, that were time-barred prior to 23 February 2016.