CC Technology Corp. (CCTC), a Boulder-based fintech company, is calling on a Nevada federal court to intervene in a legal dispute with its former business associates, Capital Pure Assets Ltd. (CPA), to enforce a $1.3 million settlement agreement. CCTC contends that Capital Pure Assets has failed to uphold its obligations under the settlement, which was meant to resolve all claims of fraud.
Capital Pure Assets, based in Las Vegas, was required to make a quarterly payment of $123,250 as part of a settlement deal valued at $1.336 million. However, CCTC claims that CPA has missed its first payment, due April 1, and has demonstrated a pattern of non-compliance with the agreed-upon terms. In a motion filed Friday, CCTC urged the court to step in and enforce the settlement to prevent further delays and ensure that the agreed-upon funds are paid.
“Capital Pure Assets has proven that they do not intend to comply with their obligations under the settlement agreement and have disregarded their contractual obligations and court orders,” said CCTC in the motion. “The court’s intervention is crucial to ensure that CCTC has a chance to recoup the funds owed and to prevent further litigation.”
The dispute began in April 2024 when Capital Pure Assets filed a lawsuit seeking $40 million in damages and lost profits after a joint venture to develop a cannabis payment system failed. CCTC countered with allegations of fraudulent behavior by CPA, claiming that the company had convinced CCTC to deposit $336,000 into an escrow account, which was not returned. In September 2024, U.S. Magistrate Judge Nancy J. Koppe ruled in favor of CCTC, ordering CPA to deposit the $336,000 into the court’s control.
After lengthy legal proceedings, the two parties reached a settlement in December 2024, with CPA agreeing to pay $1.336 million to resolve the dispute. However, CPA missed its initial $14,000 payment due in February 2025, which was only made after court-ordered sanctions. Now, with the first large payment of $123,250 also missed, CCTC is once again seeking court intervention.
CCTC has emphasized that without the court’s involvement, it is unlikely that Capital Pure Assets will comply with the settlement agreement, and the situation will remain unresolved.
The case, Capital Pure Assets Ltd. v. CC Technology Corp., is being heard in the U.S. District Court for the District of Nevada, under case number 2:24-cv-00680.
