Marathon Paid $2.15 M To Settle Symantec Fraud Claims

Back in March 2018, Marathon Patent Group announced a settlement with Symantec. The settlement released Marathon from claims of fraud and misrepresentation alleged by Symantec relating to a 2012 agreement between the parties to monetize patents. At the time, the settlement involved payment of an “undisclosed amount.” However, in an amended SEC disclosure filed July 31, 2018, Marathon provided a un-redacted version of the settlement agreement. The agreement provides that “Marathon Patent Group, Inc. shall pay the sum of two million one hundred fifty thousand dollars and zero cents ($2,150,000) to Symantec” within fifteen days. Symantec was then obligated to dismiss its lawsuit against Marathon within five days of receiving the payment. UPDATE: This amount exactly matches Marathon’s reported “litigation liability” from their December 31, 2017 balance sheet, which they did not file until April 2018.

In previous coverage, Marathon received a delisting notice from NASDAQ related to departure of certain directors and allowed a proposed merger deadline with a bitcoin mining operation to expire. Prior to that, Marathon turned over more than 70 patents to Fortress Investment Group to satisfy a $16M debt obligation. The shares of Marathon opened at $1.05 this morning after closing at $1.13 on the 30th.

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