Economic group or service provider: SP courts once again deny Fastcash company with Atlas Quantum

In a new judicial decision, the Court of Justice denies Fastcash’s relationship with Atlas Quantum in the formation of an economic group.

In a recent decision, the São Paulo Judiciary confirmed that Fastcash does not have any type of partnership with Atlas Quantum.

The decision of Judge Guilherme Ferreira da Cruz, of the 45th Central Civil Court of the Capital, followed the reasoning given by Judge Maria Lúcia Pizzotti on 24/08/2020, who also acknowledged that there was no corporate relationship between Fastcash and Atlas Quantum.

In his decision, Judge Guilherme Ferreira da Cruz acknowledged that Fastcash was merely a service provider contracted by the company in the cryptomeda market.

„without any responsibility and/or participation in Atlas‘ business“.

The text reinforced that „this thesis has already been chancelled by the egrège Tribunal de Justiça de São Paulo, in an analogous case“, where the real nature of the relationship between FastCash and Atlas Quantum’s economic group had been declared: unequivocal service provision.

Atlas Quantum

In her decision, the judge said that the companies do not form an economic group.

„Furthermore, analyzing the social contracts of the aggravated ones, I observe that there is no element that evidences the existence of an economic group. It should be noted that the transfer of payment by the defendant, Fastcash, is part of the services provided by it“.

Judge Guilherme Ferreira da Cruz, for his part, added that „the figure of the economic group does not admit phatic variations, either it exists for all the binding relations entered into by the parties involved, or it is not characterised, as in the case of the link established between Atlas and Fastcash“.

In the same judgment, the judge also ordered the plaintiffs to bear the procedural costs and expenses, corresponding to 10% of the value of the case, established in R$ 316 thousand.

According to Fastcash’s defense, the judgment reaffirms the importance of recognizing the precedent of the Court for justice to be done and that the absence of liability on the part of the company in the Atlas/Quantum case be proven, and corroborates FastCash’s cleared reputation, recognized in 15 years of operation in the market.

Bitcoin

Atlas Quantum is a company that offered its customers remuneration linked to Bitcoin Superstar trading by means of an algorithm.

In August 2019, it was prohibited by the Brazilian Securities and Exchange Commission (CVM) from offering securities or collective investment contracts and had its accounts blocked.

As a result, thousands of investors were no longer able to withdraw their funds. Since then, many of those who were injured have gone to court to try to recover the amounts invested.

Fastcash is a means of payment fintech that provided this service to Atlas Quantum and, because they share the same address, among other things, lawyers have been suggesting a relationship between them.