A lawsuit seeking $80 million in damages against blockchain analysis firm Chainalysis has been dismissed by Manhattan Supreme Court Justice Joel Cohen. Plaintiff Blake Ratliff, a former employee, claimed the firm breached an oral agreement regarding his stock options.
The court sided with Chainalysis, noting Ratliff’s claims were filed too late, six years post-employment. Chainalysis argued the alleged oral agreement was unenforceable under New York’s statute of frauds, which mandates certain agreements must be in writing. The court also found Ratliff’s employment agreement prohibited oral modifications and required twelve months of continuous service for stock options to vest.
Ratliff plans to appeal, stating co-founders Michael Gronager and Jonathan Levin assured him verbally about his stock options and career advancement. Justice Cohen’s decision underscores the importance of adhering to written agreements in employment contracts.
