California Court Dismisses Appeals from Curve Founder, Three VCs

The U.S. California Court of Appeals has dismissed appeals from Curve founder Mikhail Egorov, according to DL News. The court rejected the lawsuit, stating that California is not the proper venue for the case. The case was brought by three venture capital firms, ParaFi, Framework Ventures, and 1kx, who had invested in a funding round for Swiss Stake GmbH, Curve’s parent company. The VCs alleged that “Egorov locked up more CRV than originally planned, leaving our investment proceeds stuck earning a yield while we were promised equity in Swiss Stake and the return of our $1 million investment.” In September 2023, the court dismissed the case, stating that “the operative events giving rise to plaintiffs’ claims occurred in 2020. Defendant has not resided in California since 2018.” The VCs appealed the decision. This recent court ruling is the latest development in the ongoing legal battle between Egorov and the VCs. It remains to be seen whether the VCs will pursue further legal action or if this dismissal will effectively end the case.