"A lawsuit against the billion-dollar fintech startup Array by an early employee who claimed he was owed as much as $70 million has been thrown out. Jason Owen, who was Array's chief strategy officer, sued the company and its leader, Martin Toha, in 2022, claiming that Toha had denied him a promised equity stake. He claimed to have been fired for expressing concerns about unethical business practices, which Array denied."
"After three years of litigation, the case went to trial in a New York state business court, with testimony from Owen, Toha, and people who were in the company's orbit during its early days. Justice Joel Cohen said that none of them testified clearly enough to back up Owen's version of events. "Experienced people like Mr. Toha and Mr. Owen would understand that multimillion-dollar equity grants generally are not accomplished by a phone call with your boss,""
Jason Owen, Array's former chief strategy officer, sued the company and CEO Martin Toha in 2022 claiming a promised equity stake and wrongful termination after he raised ethical concerns. After three years of litigation a New York business court trial concluded with Justice Joel Cohen finding testimony insufficient to support Owen's allegations. The judge noted multimillion-dollar equity grants typically require written agreements. Array provides credit score and identity protection tools for banks and credit unions, was valued near $1.5 billion in 2022, and last raised funding in 2023 per PitchBook.
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