Fintech Co. Suing Bank Denies It Broke French Transfer Cap
Law360, London (October 28, 2019, 2:24 PM GMT) -- Payment services provider Sogexia, which has filed a breach-of-contract suit against Raphaels Bank claiming it bungled a service switch, has disputed the lender’s counterclaim that it had a right to cancel their agreement because some of the financial technology company’s transactions exceeded a French legal limit.
Sogexia SARL said in a filing at the High Court in London that it was wrongly accused by R. Raphael & Sons PCL, the bank’s parent company, of offering a card payment program that did not comply with caps on business transactions set by the French Monetary and Financial Code.
The payment services company said it...
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