News Summary

Serguei Kloubkov, co-founder of the Toronto-based payment software firm Plooto, has filed a lawsuit against the company and its board, including CEO John McLane. Kloubkov accuses them of breaching a unanimous shareholder agreement (USA) by removing his fellow co-founder, Hamed Abbasi, from the board after his acquittal in a sexual assault case. Kloubkov alleges his termination as CTO was retaliatory and claims Plooto’s acquisition move aims to dilute his stake. The lawsuit seeks to void the vote that removed Abbasi or alternatively, a buyout of Kloubkov’s stake.