Gemalto Tells Texas Judge Retailers Owe $46M Arbitral Award

Law360, New York (April 14, 2016, 8:59 PM EDT) -- Payment technology giant Gemalto NV asked a Texas judge on Wednesday to turn a $46 million arbitration award against a joint venture of dozens of major American retailers into a judgment, saying a unanimous arbitral panel found Merchant Customer Exchange LLC reneged on a major contract.

MCX — which is rolling out an alternate payment network called CurrentC  — was found liable by an arbitral panel last month of having hired Amsterdam-based Gemalto's U.S. affiliate to create its payment system, only to conduct secret talks with a competitor and cut ties with Gemalto after finding fault with a largely successful test...

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