from Veritaseum Capital LLC seeks least $350 million in damages based on allegations that several features of Circle's business infringe its patent.Coinbase for infringing the same patent in September. Coinbase's motion to dismiss the lawsuit that is still pending.
Circle declined to comment on the Thursday lawsuit. Representatives for Veritaseum did not immediately respond to a request for comment on Friday. Veritaseum formerly issued the token VERI. In 2019, its founder Reggie Middleton and two Veritaseum entitiesthe U.S. Securities and Exchange Commission more than $9.4 million to settle charges of a "fraudulent scheme" to sell the token.
The SEC had accused them of misleading investors about demand for the tokens and manipulating their price. They settled the case without admitting to or denying the charges.to keep a consistent value. Veritaseum's lawsuit said Circle's transfer technology, blockchain infrastructure, and other features infringe Middleton's patent.
The case is Veritaseum Capital LLC v. Circle Internet Financial Ltd, U.S. District Court for the Eastern District of Texas, No. 2:22-cv-00498.