Texas residents may be interested in learning that Playboy has filed a lawsuit against Global Blockchain Technologies, a Canadian cryptocurrency company, for allegedly breaching on a contract. The lawsuit was filed earlier in August in Los Angeles Superior Court.
According to reports, Playboy announced a partnership with GBT in March. The cryptocurrency company was supposed to develop an online wallet across Playboy’s online channels for payments. It was also supposed to pay Playboy $4 million. Playboy alleges that GBT has failed to meet its contractual obligations to develop the online payment wallet and to pay what the company allegedly owes.
GBT states that it has a strong defense and will vigorously fight Playboy’s claims of fraud as well as breach of contract. Playboy is one of the latest adult entertainment companies that has embraced cryptocurrency payments. The companies are adopting cryptocurrency payments because they avoid some of the privacy problems that other types of payments have for online use. Brazzers and Pornhub both accept cryptocurrency payments.
Contract disputes may arise when either contracting party fails to perform its contractual duties. Some breaches are minor and able to be resolved short of going to court through negotiation. Others are major breaches that necessitate filing formal lawsuits and going through the contract litigation process. Businesses that are engaged in contract disputes may benefit by getting help from experienced business law attorneys who can attempt to negotiate resolutions on behalf of their clients. Should that prove to be unsuccessful, the filing of a lawsuit might be necessary.