Swan Bitcoin Dismisses Litigation Against Proton and Its Employees

MIAMI--(BUSINESS WIRE)--After more than a year and a half of frivolous litigation, a federal judge today dismissed Swan Bitcoin’s (Swan) lawsuit against all defendants, including Proton and certain of its employees, bringing an end to Swan’s retaliatory campaign.

Swan initially sued Proton and its employees in federal court in California after they departed Swan during a period in which Swan faced significant operational challenges and severe financial strain involving its investors, partners, and business operations. Proton and the individual defendants denied all allegations in the meritless lawsuit and defended the case strenuously, including on the grounds that Swan never had a mining business of its own and did not own the trade secrets on which Swan based its claims.

In related litigation in the United Kingdom, Swan ultimately conceded what defendants argued from the beginning—Swan does not own any of the alleged proprietary assets, documents, or trade secrets at the core of its California lawsuit. This admission forced Swan to seek dismissal of its own claims in the California litigation. The Court has now dismissed Swan’s entire case against all defendants.

Swan may attempt to reframe its concession and the dismissal of its California suit as part of a broader shift in strategy or a move to other forums or against different defendants. However, based on its concessions in the UK litigation, Swan is permanently prohibited from pursuing these meritless trade secrets claims in any venue. Proton is confident that any additional claims – wherever or however brought – will meet a similar outcome.

Throughout this entire process, Proton and its personnel have addressed these matters where they properly belong – in the courts, not on social media or through online posts. And Proton, as always, remains focused on execution, growth, and delivering results to its strategic partners.

Supporting Quotes:

Adam Trigg, partner at Bergeson LLP: “From the outset of Swan’s retaliatory lawsuit, we maintained that Swan never had its own mining business and did not own any of the supposed proprietary information at the core of the suit. Swan was forced to admit this crucial fact and dismiss its own case. We’re glad to see our client vindicated.”

Amanda Russo, partner at Goodwin: “The Court's dismissal of Swan's case is a significant victory for our clients. After more than a year and a half of litigation, Swan's case has finally been dismissed from a forum it never belonged in the first place.”

Matthew Kanny, partner at Goodwin: “After defeating Swan’s requests for a temporary restraining order and expedited discovery, we had hoped that would bring this matter to an end. We are grateful that the litigation has now been dismissed. From the outset, we maintained that the trade secrets Swan claimed to own were never actually owned by Swan and that Swan lacked a valid basis to bring this lawsuit.”