Judge rules in favor of ConsenSys shareholders' request for ConsenSys audit

Switzerland's Zug Cantonal Supreme Court has ruled in favor of shareholders' request for an audit of the founding transaction of ConsenSys Software Incorporated (CSI). Codenamed "Project North Star", the transaction will transfer major products and business units (MetaMask, Infura, etc.) from ConsenSys AG in Switzerland to CSI in the US, and then based on ownership of these assets, CSI will raise funds between 2020 and 2022 $715 million. In December 2022, a judge at the Cantonal Court of Zug, Switzerland, granted ConsenSys AG shareholders a vote on the transfer of assets such as MetaMask and Infura to ConsenSys Software. Shareholders of ConsenSys AG asked a Swiss court in March to review a transaction between the two ConsenSys entities that transferred control of MetaMask and infrastructure provider Infura, among other things, with shareholders saying underlying intellectual property and subsidiaries were illegally transferred from ConsenSys AG (CAG) to The new entity, ConsenSys Software Incorporated (CSI), was used for financing. They also said the deal would benefit CAG's minority shareholders but benefit founder Joseph Lubin.