#Ripple wins lawsuit against tetragon series#

Stuart Alderoty, General Counsel at Ripple Labs, commented on the success against Tetragon in combination with John E. “ The Court hearing the SEC’s case against Ripple is “the exclusive method for testing the validity” of the SEC’s claims against Ripple.” And when it is made, it will be made by the District Court.” The question is not yet resolved, so a determination has not yet been made. The enforcement action, by contrast, asks that question. A determination …resolves the question of whether XRP is a security. “… XRP is no more security after the SEC filed the enforcement action than it was before it. “We look forward to bringing the SEC’s case to a just and speedy resolution and remove the cloud that the SEC’s misguided actions have cast over the XRP market.” Status of XRP Is Not Yet Determined: SECĪccording to the ruling of the judge in the aforementioned case: The SEC has NOT determined that XRP is a security.” “This ruling, coupled with a separate filing the SEC made today, should put to rest any confusion. Ripple made an announcement soon after the ruling:

Ripple Announcement of the Judgment Against Tetragon Therefore, the asset manager has not demonstrated the requisite for success on the merits of its claim.

The reasoning states that Tetragon failed to show the Wells notice or enforcement action is a securities default. State of Delaware rejected Tetragon Financial Group Ltd’s request for requiring Ripple to go for stock redemption. In addition to its investment and collaborations, SBI also bought the Japanese exchange TaoTao in 2020.Ripple Labs has won the lawsuit against Tetragon Financial Group Ltd. The Japanese giant has also since revealed plans for a cryptocurrency joint venture, partnering with crypto firms around the world. In fact, SBI Holdings came out in support of its co-collaborator during the lawsuit with Tetragon. Ripple Labs have had no such disputes with any other investors from that time. The funding round raised a total of $200 million, bringing Ripple’s value at the time to an estimated $10 billion. SBI Holdings, a Japanese financial company that was already in a joint venture with Ripple at the time (namely SBI Ripple Asia), also participated.

#Ripple wins lawsuit against tetragon series#

Tetragon was among the leading investors in Ripple’s Series C round back in 2019. In doing so, it violated the United States Securities Act of 1933.Īt the time, Tetragon asked the Delaware Chancery Court to force Ripple Labs to call a halt to any transactions until it bought back $175 million worth of the shares it issued. The Securities and Exchange Commission (SEC) professed that, since 2013, Ripple had raised over $1 billion with the sale of XRP.

The original allegations centered around a shareholder’s agreement between Tetragon and Ripple Labs, first entered in 2019. A lawsuit that Ripple Labs representatives called “ opportunistic.” 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. Litigation is a high-stakes game and Tetragon not only has to fulfill contractual obligations but pay two sets of lawyers.” Details of the case “I assume that the Ripple/Tetragon contract had a clause in it that the ‘prevailing party’ would receive attorney fees and costs from the other side.