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TORONTO (Reuters) – A cryptocurrency platform that lost access to millions of dollars when its founder died with sole knowledge of company passwords has been granted a temporary reprieve from creditor lawsuits. Halifax judge Michael Wood on Tuesday ordered a 30-day stay that precludes filing of claims against Quadriga, a Canadian cryptocurrency exchange that has left thousands of investors without their money after the death of founder Gerald Cotten shirt studs vs cufflinks. Customers have threatened lawsuits. Ernst & Young has been appointed the company’s third-party monitor, to help manage Quadriga’s finances during the process..
Cotten, who died in December of complications from Crohn’s disease while in India, was the only person who had passwords to digital wallets containing C$180 million ($137.13 million) in cryptocurrencies, according to court filings shirt studs vs cufflinks. He was 30 years old. “Despite repeated and diligent searches, I have not been able to find (the passwords) written down anywhere,” his widow Jennifer Robertson said in an affidavit. A court file indicates Quadriga owes 115,000 users the equivalent of C$250 million ($190.46 million). The document showed Quadriga has $30 million in bank drafts, many of which it has had trouble depositing..
NEW YORK (Reuters) – David Johansen, John Waite and other prominent 1970s musicians filed lawsuits on Tuesday accusing Sony Music Entertainment Inc and UMG Recordings Inc of improperly refusing to let them reclaim rights to songs they had long ago signed away. The proposed class actions filed in Manhattan federal court said U.S shirt studs vs cufflinks. copyright law gives songwriters who bargained away their works on unfavorable terms a “second chance” to reclaim their rights by filing termination notices after 35 years..
But they said Sony and UMG have “routinely and systematically” ignored hundreds of notices, mainly because they deemed the songs “works made for hire” under their recording contracts and therefore not subject to being reclaimed. The named plaintiffs in the Sony case are Johansen, formerly of the New York Dolls and who as Buster Poindexter recorded “Hot Hot Hot;” John Lyon, who performs as Southside Johnny; and Paul Collins, known for the Paul Collins Beat shirt studs vs cufflinks. Plaintiffs suing UMG, a unit of France’s Vivendi SA, include Waite, formerly of The Babys and later known for his 1984 hit “Missing You;” and Joe Ely, a guitarist who has performed with The Clash, Bruce Springsteen and others..
Sony and UMG did not immediately respond to requests for comment. The plaintiffs are represented by the law firm Blank Rome and by Evan Cohen, a Los Angeles lawyer. “We represent well over 100 artists from the late ‘70s and early ‘80s who want to own their U.S shirt studs vs cufflinks. copyrights, but are being stonewalled by Sony and Universal after sending notices,” Cohen said in an interview. “In many cases, we are talking about artists who have never received royalties from the recordings.”..