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One of Britain’s fastest-growing fintech unicorns faces the threat of renewed legal action over allegations that it stole and misused intellectual property owned by a former commercial partner.
Sky News understands that Marshmallow, the motor insurer that achieved a $1bn-plus valuation in a funding round last year, is likely to be hit by further litigation from Mulsanne Insurance after the delivery of a judgement in a months-long dispute this week.
Insiders said Mulsanne, which is owned by Abacai, an insurance investment group, was expected to lodge additional claims in the coming weeks.
The trial contained allegations surrounding the theft of trade secrets and breaches of contract, with the judge ruling that elements of Mulsanne’s confidential information had been misused by Marshmallow.
The judge also rejected many of the claims made by Mulsanne as part of its case.
Marshmallow partnered with Mulsanne before the launch of its own insurer in January 2021.
Mulsanne had been seeking as much as £40m in damages, though the question of costs and potential damages is now expected to be settled at a later date.
Alexander Kent-Braham, one of the twins who founded Marshmallow, said he expected that a resolution of the costs issue would result in it being paid money by Mulsanne because the size of its legal bills would be outweighed by any damages it was forced to pay.
He accused Mulsanne of attempting to damage Marshmallow’s reputation and inhibit its growth, saying it had pursued its legal claim after seeing an offer to buy a stake in his company rejected.
Those claims were dismissed by people close to Mulsanne, which said: “We welcome today’s judgment and will now move forward to establishing appropriate financial recompense for the damages we have suffered.”
Mulsanne is expected to request that the court to order a full investigation of the extent and impact of…
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Source : skynews
