Tether eyes victory in UK High Court over Swan mining dispute: Law360

Core Viewpoint - Tether's lawsuit against former partner Swan Bitcoin regarding a joint venture is progressing, with Swan conceding ownership of certain intellectual property assets developed during the partnership [1][6]. Group 1: Joint Venture Details - The joint venture, named 2040 Energy, was primarily owned by Tether with an 80% interest, contributing $408 million in initial capital, while Swan held a minority stake and had no revenue rights [3]. - The dispute became public in September 2024 when Swan initiated legal action against contractors and employees from the joint venture, alleging theft of sensitive business information and proprietary software [4]. Group 2: Legal Proceedings - Tether responded by filing a lawsuit against Swan in January 2025, claiming Swan was withholding approximately $5 million in funds and sought relief from a related lawsuit involving Swan and a new firm, Proton Management [5]. - Following the legal actions, Tether and Swan reached an out-of-court settlement regarding the funds, and a stay judgment was issued in May 2025 concerning the case between Swan and Proton [5]. Group 3: Current Developments - Swan's General Counsel characterized the concession regarding intellectual property ownership as "minor significance," indicating that the litigation is still in its early stages [2]. - Tether accused Swan of making an unlawful claim in court after Swan conceded that it did not own the intellectual assets of the joint venture [6].