CoinLab Backs Mt. Gox's Ch. 15 Bid, With Conditions

Law360, New York (June 9, 2014, 7:26 PM EDT) -- Bitcoin company CoinLab Inc. has agreed to back the push of MtGox Co. Ltd. for U.S. bankruptcy protection, after reaching a deal with the defunct Japanese bitcoin exchange to protect CoinLab's claims in the case, according to court documents filed Friday.

CoinLab, which sued Mt. Gox in May 2013 for $75 million over a license agreement that the company claims Mt. Gox abandoned, said it would not oppose the exchange’s bid for Chapter 15 recognition, provided that its claims, rights and defenses it has previously asserted are preserved.

Mt. Gox and CoinLab entered into a joint stipulation outlining the protections for...

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