Integral & Ex-CTO, Viral Tolat, Reach Financial Settlement on Violations of Securities Law
- The court has approved part of the case against Mr. Tolat, who joined rival EBS, will be settled for an undisclosed sum. Forex Magnates has learned that the ex-CTO agreed to a reduced payment for his firm’s shares value.
According to court documents, Integral Development Corp, and their ex-CTO, Viral Tolat, who joined rival EBS in 2013, have reached a financial settlement in part of their ongoing case. The court case is based on claims by Integral that included that Tolat was in violation of breach of contract, trade secret misappropriation, and California securities law. In connection to the case, Tolat issued counter claims against Integral.
At the heart of the accusations was whether and how Tolat used the source code at EBS. While Integral and EBS, known for its interbank FX ECN, may have in the past been considered to have little overlap in their businesses, this has recently changed with the creation of EBS Direct. Launched live in November of last year, EBS Direct provides relationship-based FX Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent aggregation, and competes against other providers of such technology, including FXall, Integral and Currenex.
In two rulings that took place in October 2013 and February of this year, California courts judged in favor of Tolat, dismissing all eleven claims against him by Integral, and in favor of his counterclaims. Following the rulings, the judgment was appealed by Integral, and in May the two sides came together to commence a settlement agreement. Last week, California courts announced that the two sides had executed their settlement. As per court documents, following the settlement, two claims by Integral against Tolat, that of violations of Federal and California Securities Law have been dismissed, along with Tolat’s counterclaims. While settlement details were not provided in the court documents, Forex Magnates has learned that Tolat agreed to a reduced payment by Integral for the value of his shares he owned in the firm. According to sources, Integral views the reduced value of Tolat's ownership as substantiating their initial claims against Tolat for securities fraud.
Following the settlement, still being appealed by Integral are the court’s earlier rulings in favor of Tolat of nine other claims. The claims include misappropriation of trade secrets, breach of contract, copyright infringement and violation of computer fraud.
According to court documents, Integral Development Corp, and their ex-CTO, Viral Tolat, who joined rival EBS in 2013, have reached a financial settlement in part of their ongoing case. The court case is based on claims by Integral that included that Tolat was in violation of breach of contract, trade secret misappropriation, and California securities law. In connection to the case, Tolat issued counter claims against Integral.
At the heart of the accusations was whether and how Tolat used the source code at EBS. While Integral and EBS, known for its interbank FX ECN, may have in the past been considered to have little overlap in their businesses, this has recently changed with the creation of EBS Direct. Launched live in November of last year, EBS Direct provides relationship-based FX Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent aggregation, and competes against other providers of such technology, including FXall, Integral and Currenex.
In two rulings that took place in October 2013 and February of this year, California courts judged in favor of Tolat, dismissing all eleven claims against him by Integral, and in favor of his counterclaims. Following the rulings, the judgment was appealed by Integral, and in May the two sides came together to commence a settlement agreement. Last week, California courts announced that the two sides had executed their settlement. As per court documents, following the settlement, two claims by Integral against Tolat, that of violations of Federal and California Securities Law have been dismissed, along with Tolat’s counterclaims. While settlement details were not provided in the court documents, Forex Magnates has learned that Tolat agreed to a reduced payment by Integral for the value of his shares he owned in the firm. According to sources, Integral views the reduced value of Tolat's ownership as substantiating their initial claims against Tolat for securities fraud.
Following the settlement, still being appealed by Integral are the court’s earlier rulings in favor of Tolat of nine other claims. The claims include misappropriation of trade secrets, breach of contract, copyright infringement and violation of computer fraud.