Compass Mining Wins $1.5 Million Settlements
By : thoughtfulnews.com January 10, 2023
Compass Mining Has Won A $1.5 Million
Million. Compass Mining has won a $1.5 Million lawsuit against hosting service provider Dynamics Corp.
Mining sued Dynamics, alleging that Compass failed to make the required payments after Dynamics terminated its hosting agreement in June 2022. Million that was supposed to be paid. Compass claimed he only paid $665,000, and he defaulted on at least three payments, and he defaulted on six others, Dynamics claimed.
In a tweet on Monday, Dynamics said it hopes “that the US courts provides justice to the thousands of customers who have been displaced and lost their revenue.”
Compass fought back in court, denying the allegations and accusing the hosting company of “misunderstanding. The terms of the contract signed by both parties.”
Six months later, Compass won the legal battle. In a statement, the miner said he was awarded $1.5 million by the Delaware Chancery Court.
“On December 29, 2022. Judge J Travis Laster of the Chancery Court of Delaware ruled in favor of Compass Mining and defaulted against Dynamics for $1,474,400 plus post-judgment, interest and costs. This ruling represents deposits, capital expenditures, and other charges that Dynamics Mining improperly withheld,” explained Miner.
Compass claimed that it won the lawsuit but was unsure if it would be able to recover the funds. Ultimately, they argued, Dynamics’ attorneys dropped the case for nonpayment.
Dynamics Mining has violated the rights of Compass Mining and its customers, and we appreciate that the U.S. legal system has achieved a fair outcome. Compass Mining said Thomas Heller, co-CEO and co-founder of
Compass Mining is one of the many victims of last year’s ‘crypto winter’. The company said he filed for Chapter 11 bankruptcy in Texas in September and has more than $500 million in debt. Some of the company’s investors have managed to get their money back, including by discontinuing some of the miner’s assets.
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