|Toronto-based gaming software company Cryptologic has announced that is intends to “vigorously defend” allegations made against it and some of its subsidiaries in a lawsuit filed on March 12, 2002 by Las Vegas From Home.com, a former licensee of Cryptologic’s software.|
In a press release, CryptoLogic says that all of the claims made by Las Vegas From Home.com are frivolous and without merit.
The lawsuit concerns CryptoLogic’s subsidiary company WagerLogic, which entered into a licensing agreement in May 2001 with a subsidiary of Las Vegas From Home.com to develop Internet poker software.
According to Cryptologic, it terminated the licensing agreement with because Las Vegas From Home.Com because the company was “determined to be in breach of the agreement due to its failure to meet certain of its obligations under the agreement, its independent development of poker software and its launch of an Internet poker room.”
'While Las Vegas From Home.com's lawsuit may make good headlines, its claims have no basis in law or in fact,' said Jean Noelting, President and CEO of CryptoLogic. 'This type of frivolous lawsuit is damaging to the Company's reputation and to shareholder value. CryptoLogic will use all means at its disposal to vigorously defend its position, including initiating a counterclaim against Las Vegas From Home.com and its subsidiary.'
At time of writing, representatives of Las Vegas From Home.com could not be contacted.