Oct 11, 2020 09:17 UTC
Oct 11, 2020 at 09:18 UTC
The blockchain payments company says it naively possesses patents that terminated beforehand these were transferred to them.
Blockchain payments company Rocketfuel Blockchain is prosecuting its co-founder for supposedly parodying defrauding firm & patent applications.
In a complaint marched with the Central District Court of California, Rocketfuel claimed its co-founder and previous treasurer Joseph Page hid the fact that patents he transferred to the company had terminated. The company is looking for compensations of at least $5.1M.
In March 2018, Rendering to Rocketfuel, Page transferred patent applications to the company, thereby surrendering his rights to the patents. These patents were for numerous payment procedures for Rocketfuel’s blockchain platform, with cryptocurrency operator border systems.
In June 2018, B4MC Gold Mines acquired Rocketfuel . When B4MC removed over the company, and ongoing doing business as Rocketfuel, Page says the patents were being inspected by the United States Patent and Trademark Office. Page and other shareholders vended their shares in Rocketfuel, and he received 5M shares of the afresh acquired firm value approximately $45M.
A year far along, Page submissive from the board. He wanted shareholders of Rocketfuel to increase 4M euros in capital to grow the technology defined in the patents or pay him 100,000 transfer & euros the intellectual property return to him.
But Rocketfuel unproven the patent applications had terminated, and the company might no longer resuscitate them. 3 of the 5 patents Rocketfuel currently possessed were carefully abandoned between 2014 and 2017.
The company says Page admitted the patents terminated in June 2019 but says this was unpaid to Rocketfuel’s incapability to increase capital to using the technology. Though, the company say Page let the patents terminate because he unsuccessful to pay additional filing fees and did not reply to other PTO requests.
Rocketfuel says if it had acknowledged it could not usage the patents, it not ever would have gone finished with the gaining. They claim Page allocated the patents to Rocketfuel, and required shares of stock in exchange, notwithstanding knowing these patents no longer had worth for the firm.
No court date has been usual for the case. Cointelegraph could not discovery contact information for Page.