Plaintiff YA II PN, Ltd makes another move in its efforts to recover its $500,000 investment in binary options firm EZTD Inc.
YA II PN, Ltd., a Cayman Islands exempted company has made another step in its efforts to recover its $500,000 investment in binary options firm EZTD Inc. After receiving Certificate of Default issued by a Clerk of the New York Southern District Court against the binary options firm in January this year, YA II PN is now looking to secure Default Judgement by the Court.
On Tuesday, February 13, 2018, the plaintiffs in the case filed their Motion for Default Judgement against Defendant EZTD, Inc., pursuant to Federal Rules of Civil Procedure 55(b)(1) and Local Civil Rule 55.2(a) on the grounds that said Defendant failed to answer or otherwise defend against the Complaint.
The sum that EZTD owes under the proposed order is $547,123, plus interest according to law from the date hereof until the entire amount is paid.
The action, captioned YA II PN, Ltd. v. EZTD Inc. (1:17-cv-03455), started in May 2017, with a decent amount of time and effort spent on trying to serve the summons to the Defendant. After several extensions of the time to serve the summons, they finally got accepted in October 2017. No answer to the complaint has followed, however.
The complaint refers to events from November 2016, when YA and EZTD entered into a Purchase Agreement pursuant to which YA invested in a Promissory Note which it acquired thereunder. Under the Purchase Agreement, the company issued to YA a promissory note in an aggregate principal amount of $500,000.
EZTD’s first payment to YA on the Promissory Note was due on February 1, 2017. EZTD failed to make that payment and has continued to fail to make any payment on the subsequent Payment Due Dates of March 1, April 1 and May 1, 2017. As a result of EZTD’s failure to respond or otherwise pay the outstanding amounts due, YA brought the action in order to collect the sums due to it.
YA II PN accuses EZTD of breach of contract and unjust enrichment.