Last November Mt. Gox and CoinLab, a small US based Bitcoin exchange, entered into an agreement “to service the Bitcoin exchange market in a mutually beneficial manner”. According to CoinLab’s formal complaint, the agreement allowed CoinLab an exclusive license in North America to use Mt. Gox’s software in providing exchange services, in return CoinLab would provide the Japan based Mt. Gox with access to its US banking relationships.
CoinLab alleges that Mt. Gox failed to uphold their end of the bargain and is requesting damages for breach of contract.