Evolve Bank & Trust fended off Yotta Technologies Inc.’s lawsuit alleging the bank mismanaged customer funds, including by bungling a funding transfer for customers of another financial technology company.
Yotta’s claims failed because bankrupt bank-fintech middleman Synapse Financial Technologies Inc. should’ve been included as a defendant, Judge Trina L. Thompson of the US District Court for the Northern District of California said in an order dismissing Yotta’s case.
Synapse served as a banking-as-a-service partner linking Yotta and its customer funds to accounts at Evolve. Yotta alleged that Evolve comingled more than $75 million in customer funds to cover a botched ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.