The investor, British fund manager Tetragon Financial Group, in January demanded to redeem its preferred Series C Ripple stock. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Sharing the update on Tetragons lawsuit against Ripple, Alderoty tweeted, the Judge ruled that since there has been no official determination regarding XRPs. Ripple, the crypto payments company behind XRP, yesterday dodged a bid from one of its biggest investors to redeem 175 million worth of stock. This article is provided for informational purposes only. The courts will provide this clarity and we are very confident in our position.” 3 Exhibit 3 - ApLetter, 4 Exhibit 4 - Defs. Ripple Labs Inc., 1:20-cv-10832 Brought to you by the RECAP Initiative and Free Law Project, a non-profit dedicated to creating high quality open legal information. We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S. Docket for Securities and Exchange Commission v. Since there has been no such determination, this lawsuit has no merit. To enforce its right as quickly as possible, Tetragon filed a preliminary. The asset management firm was the largest contributor to a Series C funding round with 175 million and sued Ripple to force stock redemption after the SEC lawsuit was filed. “In Ripple’s Series C investment agreement, there is a provision that if XRP is deemed to be a security on a go forward basis, then Tetragon has the option of having Ripple redeem their Ripple equity. Ripple Labs scored a victory yesterday in its legal battle with Tetragon Financial Group Ltd. The company has asked the court for a temporary restraining order, a preliminary injunction, and an expedited trial.įollowing the publication of this report, Ripple addressed the legal filing in a statement posted to its website, stating: Tetragon also wants to block Ripple from using any cash or other liquid assets until the payment is made. Tetragon filed its complaint on Monday in Delaware Chancery Court, seeking to "enforce its contractual right to require Ripple to redeem" Series C preferred stock, per the report. Securities and Exchange Commission (SEC), according to a report by Bloomberg. Tetragon Financial Group, the lead investor of Ripple's $200 million Series C, has sued the company after a recent complaint by the U.S. Noting that Japan’s Financial Services Agency has already declared that XRP is not a security, SBI’s Yoshitaka Kitao tweeted, “I’m optimistic that Ripple will prevail in the final ruling in the US.Ripple is facing yet another lawsuit, this time from one of its investors. The CEO Japanese financial powerhouse and Ripple partner SBI Holdings said his firm “remains a steadfast partner to Ripple, and looks forward to expanding together in Asia.” Other Ripple partners have been more supportive. Ripple will vigorously defend itself against the SEC charges, CEO Brad Garlinghouse has promised. “The courts will provide this clarity and we are very confident in our position.” Ripple Blasted by Investor Tetragon for Playing Word Games in 175M Stock Buyback Lawsuit Blockchain News News Analysis Interview Press Release Sign In / Register Opinion BusinessWire Newsletter Sign Up Subscribe now and get exclusive news, interviews and stories. “We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S.,” Ripple said. Everything that follows after that is not Tetragons concern: they can redeem regardless, given that the SEC already made its determination. 5 today, after bitcoin, ether, tether and now litecoin, according to CoinMarketCap. Furthermore, the settlement angle is irrelevant: the SEC taking Ripple to court gives Tetragon the right to redeem, so much appears to be the case. exchanges have suspended or delisted the cryptocurrency, which has dropped from third-largest by market capitalization before the suit to No. XRP is currently selling for about $0.23. 22 SEC lawsuit has hammered XRP, driving its price down more than 50% in the weeks since it was filed. Noting that “there is a provision that if XRP is deemed to be a security on a go forward basis, then Tetragon has the option of having Ripple redeem their Ripple equity,” the international payments firm said that the lawsuit is without merit as “there has been no such determination.” Now, it is seeking to enforce a contractual provision to back out of its investment, Ripple said in a public statement on Jan. In December 2019, asset manager Tetragon Financial Group led Ripple’s $200 million Series C investment round. A major Ripple investor is suing to force the international payments firm to buy back its investment in the wake of the Securities and Exchange Commission’s lawsuit calling XRP an unregistered security.
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