MARA Former French Advisors Sue Over Unpaid Fees, Accuse Executives of Resisting European Strategy
François Garcin and three affiliated entities have filed a lawsuit against Bitcoin miner MARA Holdings (NASDAQ: MARA) in the Southern District of New York. The suit alleges that MARA failed to pay success fees for their role in acquiring Exaion, a French AI/HPC company, and later pivoted away from its France-focused strategy. Garcin had been instrumental in establishing MARA's European presence but claims he was marginalized by senior executives who allegedly resisted the expansion into Europe. The acquisition of 64% of Exaion occurred on February 20, with EDF retaining a minority stake and NJJ Capital acquiring 10%. The French Treasury approved this structure in January. MARA's leadership is accused of undermining Garcin’s efforts by removing key French consultants after the deal closed. MARA has denied the allegations, calling them fabricated or without merit, and stated it will defend itself vigorously.
Tickers: $MARA
Topics: Bitcoin mining corporate strategy European expansion M&A disputes