Court documents show that the company Tetragon Financial Group filed a lawsuit against Ripple after the company was indicted by the US Securities and Exchange Commission. The court records indicate that Tetragon and Ripple have allegedly reached an agreement and the SEC case believes this is correct XRP as an unregistered security should allow them to get money back. Additionally, former Ripple executive Jed McCaleb sold $ 28.6 million weeks after the SEC charges XRP.
Billion Dollar Asset Manager Sues Ripple Labs
One recently Court records presented to the Delaware Chancery Court shows that Tetragon Financial Group (LSE: TFG) is suing California-based Ripple Labs Inc. for alleged breach of contract. The UK-based investment firm manages $ 2.35 billion (AUM) in assets and seeks to enforce Tetragon’s contractual right to require Ripple to redeem.
Until payment, Tetragon wants Ripple to be prevented from using liquid funds such as cash. After the court’s initial filing, reports suggest that the Delaware Chancery Court vice chancellor Morgan T. Zurn, a temporary injunction against Ripple.
The trial reports explain in detail that Zurn issued the resolution after filing in the first week of January attempting to seek Tetragon’s alleged contract law. On January 5th, Ripple Labs Inc. made a statement about the Tetragon filing. In essence, Ripple claims the lawsuit is “unfounded” as the SEC case has not been resolved.
“Ripple’s Series C investment agreement stipulates that if XRP Tetragon has the option of having Ripple repay its Ripple equity, ”the company wrote. “In the absence of such a decision, this lawsuit has no merit,” she added.
Ripple further explains:
We’re disappointed that Tetragon is trying to wrongly exploit the lack of regulatory clarity here in the US. The courts will provide this clarity and we are very confident in our position.
Jed McCaleb reportedly throws $ 28.6 million XRP Worth over $ 8 million
In addition to the recent judicial filing by Tetragon and the recent decision by the Delaware Chancery Court, former Ripple executive Jed McCaleb is believed to have sold $ 28.6 million XRP in this week.
“Jeds Taco stand had taken a break XRP Sales since SEC filing was announced, ”Hadjiloizou said on Monday.
After 25 days with no sales 28.6 million XRP was sold today.
Meanwhile, XRPThe value has decreased significantly since the initial SEC fees and subsequent delistings. At the time of publication XRP is trading at $ 0.28 per unit and is struggling to stay in the top ten after being ousted in late December.
More recently Polkadot (DOT) and Cardano (ADA) have pushed XRP from its previous position in terms of market capitalization. In the past seven days XRP lost -5.55% and -43% in the last month. Despite these declines XRPThe 90-day statistics (+ 12.2%) and the annual percentage increases (+ 21.7%) against the USD are still in the green.
What do you think of the Tetragon lawsuit against Ripple and Jed McCaleb, which is reportedly $ 28.6 million? XRP Sale? Let us know what you think on this matter in the comments section below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Leonidas Hadjiloizou, Twitter,
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