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Beware of ipreo bigdough
The company sues its clients over auto-renewals. The long list of clients they have taken to court and the amount exacted is listed below.
Furthermore, the terms of their renewals are outrageous: "upon the completion of the current term, whether the original or a renewed term, this agreement shall automatically renew for a successive term equal to the length of the initial term, unless either party notifies the other in writing sent to the address of the other party first set forth above of its intent not to renew at least sixty (60) days prior to the end of the then current term. Upon the first day of any renewed term of this agreement, renewal rates of up to 10% greater than the rates that applied in the recently expired term, shall apply, replacing the rates of such previous term (The “renewal rates”). Upon receipt of any licensee notice of its intent not to renew the agreement, licensor may discontinue licensee’s access to the “excel download”, outlook sync, vcards and other features on the site. If licensee fails to notify licensor of its intent not to renew this agreement as and within the time frame provided herein, and/or licensee continues to access or use the database or any data contained therein following expiration of the then current term, licensee may nevertheless terminate this agreement within thirty (30) days following commencement of the then renewal term upon payment to licensor of an amount equal to seventy five percent (75%) of the aggregate renewal rates fees payable for the term of the renewal. The parties agree that the payments provided for in preceding sentence are liquidated damages and are not to provide for a penalty, and that such payment amount bears a reasonable relationship to the anticipated loss that would be suffered by licensor were licensee to fail to timely notify licensor of its intent not to renew in accordance with this agreement and that actual losses or damages would be difficult or impossible to ascertain or estimate."
What this means is that if a client does not give ipreo notice not to renew, at least 60 days prior to the end of the current term, but yet does give intent not to renew after that 60 days and up to 30 days beyond the end of the current term and into the next term, the client nonetheless must pay 75% of what would be the renewal fees! And the service is turned off! Outrageous behavior typical of venture capital owned companies (Ipreo is owned by kohlberg kravis roberts & co. L.P.).
In new york, auto-renewals are not enforceable, and ipreo has the choice of law as md, where the client has no protection from this predatorial behavior.
The long and growing list of defendants bigdough.com.Inc has sued for a staggering sum include:
Defendant amount
C.K. Cooper & company, inc. $15, 650
Connotate technologies, inc. $23, 000
Aspen capital partners, llc $26, 000
Marco polo network $27, 500
Mantara, inc. $15, 600
Matrix usa, llc $14, 125
Lytix, llc $10, 500
Adam friedman associates, llc $8, 000
Centene corporation $18, 700
Chelsea therapeutics international, ltd. $15, 225
Isis pharmaceuticals, inc. $16, 275
Isilon systems, inc. $13, 250
Dilenschneider group, inc. $13, 750
Nabi biopharmaceuticals, inc. $22, 000
F5 networks, inc. $17, 850
Strategic growth international inc. $16, 000
Dow jones & company, inc. $13, 650
Trinity international, llc $4, 000
Lion energy corp. $9, 000
Minco silver corporation $13, 000
Gsi lumonics trust, inc $27, 000
W.R hambrecht & co., llc $30, 000
Redington, inc. $10, 750
Plaintiff $13, 250
Gsi group corporation $27, 000
Marketcetera inc $25, 000
Plaintiff $30, 000
Fusion analytics partners llc $19, 597.52
Sarius capital, lp $30, 000
Merchant forecast, llc $21, 775
Nirvana financial solutions, inc $23, 579.74
Professional social networks, inc $19, 225
Integrity research associates, llc $24, 496.90
Spin-off advisors, llc $18, 540
Constellation asset advisors, inc $18, 000
Hawk associates, inc $15, 000
Rf binder partners, inc $16, 331.25
Investor relations group, inc $20, 468.52
Financial tracking, llc $8, 000
Shoreman group, llc $26, 674.41
Ascendiant capital markets $20, 000
Momentum trading partners, llc $27, 218.75
Axon advisors, llc $19, 686.99
Atlantic equities, llc $18, 000
Michael c. Blackstone at ward & klein, chartered handles the claims by ipreo.
The complaint has been investigated and resolved to the customer’s satisfaction.
This is nothing new, Ipreo is made up of stingy directors and country managers. Ipreo does not value workers. Ipreo promotes and supports modern slavery in Cape Town, South Africa and in Hyderabad, India. Qualified and experienced employees get pay a very low salary, ridiculously low. Ipreo is a call center within the financial industry with a translators o language division. They are overworked, underpaid and abused by local managers. The American managers treat workers in Cape Town and Hyderabad like dirt.
Please do yourself a favor, spare yourself from a toxic culture, gossip, drugs, Islamic customs are forced upon non-Islam workers, nepotism and low-pay are on board.