A marketing company has filed a judicial protest against a financial services firm accusing it of breach of contract resulting in losses in excess of €1.5 million.

In its protest, Yes Media Limited claimed that Insignia Cards Limited had dishonoured its contractual obligations since the co-branding agreement was signed in November 2013 over Visa credit cards.

The marketing firm said that according to the agreement, it allowed Insignia to use the word “Yes” on its cards and that the company, on its part, had to embark on an aggressive media campaign to get people to subscribe to the cards and use it in shops. It also had to approach more businesses and shops urging them to participate in the Yes Reward Scheme.

However, it claimed, none of this happened and the company suffered substantial losses of more than €1.5 million.

Moreover, its management received a text message from one of the Insignia directors that it was dropping the contract. Yes Media Limited said that Insignia jumped the gun with its decision to “unilaterally” drop the contract without first discussing any issues or problems there may be. It attributed “ulterior motives” and that this was “not done in good faith”.

Yes Media called on the financial services company to pay it damages resulting from the alleged breach of contract and held it responsible for the damages suffered.

Lawyers Charlon Gouder and Joseph Gerada signed the protest.