News / CargoSprint pays up after legal battles with PayCargo finally end

19/06/2024

The years-long battles between PayCargo and its compatriot rival, CargoSprint, have finally come to a close, with a final payment of some $16m.

The two companies have fought four legal battles, the last now resolved in favour of PayCargo, which was ruled to have won its trademark infringement and breach of contract lawsuit.

CargoSprint last month paid the award as well as damages, attorney fees and costs, at a total of $16,395,683.90.

CargoSprint appealed the court’s initial decision in September 2022, after a trial in which it had been found guilty of contempt, and in April, the court approved the original ruling.

All the court cases were unfailingly colourful, with accusations of theft, racketeering and other skullduggery being thrown around.

Joshua Wolf, CEO of CargoSprint, who was named in some cases, told The Loadstar: “This is the resolution of the last of four legal suits, with three of the four decided in our favour.

“With funding for this one secured years ago, our team is pleased to have these matters behind us, allowing us to focus on the future.”

Mitchell Baxt, vice chairman of PayCargo, said:. “As a company founded on the highest principles of honesty and transparency, we have taken very seriously this case of another business infringing on our trademarks and breaching our agreement. We’ve worked hard to build PayCargo’s reputation as the leader in the industry, so we owed it to our customers, employees and business partners to defend it vigorously.”

The now-global payments company, which has significant operations in ocean freight, is thought to have done well over the pandemic, with one source noting that the much-fought over detention and demurrage charges were a nice source of profitability for the company, which managed the payments. It could get a second bite of that cherry, with some charges now being repaid.