Employee equity deal: Former Consensys employees sue founder, claiming “he broke his word.”
Consensys founder Joseph Lubin has been named in a new lawsuit filed in New York by over two dozen former Consensys employees. Over two dozen former employees of Ethereum infrastructure firm Consensys have filed a fresh lawsuit against the firm’s founder and CEO, Joseph Lubin, over claim s he diluted employee equity shares against earlier promises. The former staff allege that Lubin — who is also a co-founder of Ethereum — breached this “no-dilution promise” made in 2015, according to the plaintiff’s Oct. 19 filing in the Supreme Court of the State of New York. The plaintiffs allege Lubin lured in “smart and motivated” colleagues to work for Consensys in late 2014, claiming the firm would become the “future of cryptocurrency” and the “crypto Google.” Around that time, Lubin allegedly stated in a document that he wouldn’t dilute employee equity shares; the plaintiffs allege he later broke that promise. “It is my intention that the percentage Consensys members receive will not b...