Vida Divina is suing fee processor T1 Funds over a disputed $233,424 termination price.
Vida Divina is a California primarily based MLM firm run by Armand Puyolt.
BehindMLM reviewed Vida Divina shortly after launch in 2016.
On its web site T1 Funds claims it “focuses on fee processing for high-risk industries”.
As alleged by Vida Divina, they entered right into a “card fee processing settlement” with T1 Funds in July 2018.
The settlement supplied that T1 Funds would supply to Vida Divina bank card fee processing providers for Vida Divina and Vida Divina’s clients.
Vida Divina declare to have additionally disclosed they have been utilizing “PayPal to help with buyer fee providers” on the time, which is odd seeing as PayPal don’t permit MLM.
Underneath the phrases of the signed processing settlement, T1 Funds supplied Vida Divina with fee processing from July 2018 to June 2019.
The final of Vida Divina’s clients’ transactions occurred on June 13, 2019.
On the shut of the settlement, Vida Divina claims T1 Funds held $810,500 on their behalf.
Vida Divina inquired as to the standing of the funds in August 2019. They have been instructed, pursuant to the processing settlement, that T1 Funds would maintain the funds for “roughly 9 months”.
There’s a 9 month minimal wait interval for launch of the funds, and may there be no points, these funds can be launched through ACH to your account.
The rationale for the maintain is a coverage purpose as a result of potential of shoppers to chargeback or for card manufacturers to challenge penalties primarily based on such.
After 9 months handed with out occasion, Vida Divina claims it emailed T1 Funds in regards to the funds.
Regardless of sending a number of emails, T1 Funds failed to reply.
On March 2, 2021, Vida Divina … made a proper demand to T1 Funds demanding that the Reserve Funds be distributed to Vida Divina.
This demand acquired a response, though not fairly what Vida Divina was in search of.
On March 4, 2021, T1 Funds … responded stating … that Vida Divina had terminated the Settlement foru months earlier to the tip of the time period of the Settlement and that T1 Funds was entitled to an early termination price.
T1 Funds pegged the early termination price at $233,424.
Vida Divina claims
in subsequent communications, T1 Funds solely vaguely described the early termination as Vida Divina “switched to a different processor throughout the time period of the settlement.”
T1 Funds is refusing to launch the Reserve Fund until Vida Divina agrees to the $233,424 price.
Vida Divina maintains they didn’t breach the signed processing settlement.
Of their lawsuit, Vida Divina are suing T1 Funds for 4 causes of motion:
- breach of contract;
- breach of obligation of excellent religion and honest dealing;
- conversion; and
- declaratory reduction.
The corporate can also be in search of financial damages and authorized prices.
Sadly this isn’t a federal case so I’m unable to trace it on Pacer.
I grew to become conscious of the lawsuit by a Might seventh Fb publish by Kevin Thompson of Thompson Burton (contains hyperlink to Vida Divina’s criticism).