The founder of daily fantasy sports giant FanDuel is suing his former company’s board of directors for failing to realize that the not-sports-betting company was in the sports betting business.

On Tuesday, tech media site Recode broke the news that FanDuel co-founder Nigel Eccles (pictured) had filed a lawsuit in Scottish civil court claiming that he, his wife Lesley and two other co-founders were owed up to $120m as a result of the company’s acquisition in May by UK-listed gaming operator Paddy Power Betfair.

In July, word leaked that Eccles and the other co-founders had received bupkis via the $465m deal for FanDuel, based on contractual arrangements that ensured the company’s preferential shareholders got paid first. The deal’s valuation failed to clear the $558m benchmark under which ordinary shareholders – including the four co-founders – would collect a share of the bounty.

The gist of the legal complaint is that the deal was negotiated prior to the US Supreme Court striking down the federal betting prohibition, and FanDuel’s valuation wasn’t recalculated following the ruling, despite its newfound appeal as an easy way for international betting firms to establish a US beachhead.