Settlement in a multimillion FinTech agency dispute

Our client, an Irish company that builds digital payment platforms for financial services, entered into an agency agreement with the Lithuanian electronic money institution. Under that agreement, our client operated as an agent of the Lithuanian EMI, distributing EMI’s products across the European Economic Area.

The dispute arose when EMI, without any prior warning or explanation, unilaterally suspended performance of the agency agreement. As a result, our client was completely cut off from access to EMI’s platform and its own accounts, and all of our client’s services were shut down. This not only blocked the business activities of our client, but also disrupted activities of the end-users, leaving our client exposed to massive legal and commercial threats.

Before our involvement, EMI ignored any request of our client and refused to disclose the grounds of such actions. EMI responded to our client’s inquiries only after we filed a claim seeking a multimillion relief, including but not limited to withheld funds, unpaid commission fees, and lost profits, together with procedural interest. In only 9-months of proceedings, we were able to secure a favorable settlement for our client.

This case sets an example for an expedient and efficient settlement of future cross-border FinTech litigations.