Pot Payments Company Says FIS Broke Deal in ‘Catch and Kill’

A cannabis payments provider claims that banking services giant Fidelity National Information Services Inc. engaged in a “corporate catch and kill” by breaking a partnership agreement even as FIS moved forward with plans to serve the legalized pot industry.

Emerging Industry Technologies Inc., which operated under the name Spence Labs, alleged that FIS abruptly elected not to move forward with a partnership that had been extensively negotiated and vetted by outside lawyers, ultimately resulting in Spence going out of business, according to a lawsuit filed Wednesday in the US District Court for the Northern District of Illinois.

“As alleged in ...