3/17/2023 0 Comments Ripple tetragon lawsuitAs our lawyers have publicly stated, the SEC is absolutely wrong, ”Ripple said in a statement. “The SEC has yet to try to prove its case in court, but we do not believe they will be able to do this. The judge agreed that until the SEC case is resolved, XRP’s status remains an open question. On Friday, March 5, the court rejected Tetragon’s request. The SEC is seeking to recover ill-gotten gains and impose civil penalties. Regulator accused the company of selling unregistered securities worth $ 1.3 billion in XRP tokens. In December 2020, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, the company behind the digital currency XRP, alleging that the sale of XRP constituted the unregistered sale of securities. Tetragon took action following the filing of a lawsuit against Ripple by the US Securities and Exchange Commission (SEC). The plaintiff asked the Delaware court to block the Californian company from using cash and other liquid assets pending payment. In January 2021, a British firm through the court demanded that Ripple redeem preferred shares under the current contract. Quick Take Tetragon, the lead investor of Ripples 200 million Series C, has sued the company after a recent complaint by the U.S. UK-based investment firm Tetragon Financial Group is suing Ripple, the tech company behind the cryptocurrency XRP, according to a report from Bloomberg. has filed a complaint against the San Francisco-based firm with the Delaware Chancery Court seeking to 'enforce its contractual right to require Ripple to redeem' Series C preferred stock that the investment company holds. In 2019, Tetragon led Ripple’s $ 200M Series C funding round when the company estimated at $ 10 billion. The case goes back to January, where Tetragon, an investment management group based in the UK, sued Ripple to force it to buy back 175 million in shares. Payments startup Ripple is facing a fresh lawsuit from a multi-billion-dollar asset manager. Ripple Labs has reflected in court an attempt by the British investment firm Tetragon Financial Group to buy out its stake in a fintech company, reports Bloomberg.
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