Jed McCaleb Allegedly Dumps 28.6 Million XRP Worth Over $8 Million USD The courts will provide this clarity and we are very confident in our position. We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S. “Since there has been no such determination, this lawsuit has no merit,” it added. “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,” the company wrote. In essence, Ripple claims the lawsuit has “no merit” because the SEC case has not been decided. issued a statement about the Tetragon Filing. Litigation reports detail that Zurn issued the order after the filing in the first week of January that attempted to seek Tetragon’s alleged contractual right. Zurn issued a temporary restraining order against Ripple. Following the initial court filing, reports indicate that Delaware’s Chancery Court Vice Chancellor Morgan T. Until payment is made, Tetragon wants Ripple blocked from leveraging liquid assets like cash. The UK-based investment firm has $2.35 billion assets under management (AUM) and the company seeks to “enforce its contractual right to require Ripple to redeem” stocks maintained by Tetragon. Billion-Dollar Asset Manager Sues Ripple LabsĪ recent court filing submitted to Delaware’s Chancery Court shows that Tetragon Financial Group (LSE: TFG) is suing the California-based Ripple Labs Inc. Moreover, weeks after the SEC charges, former Ripple executive Jed McCaleb sold 28.6 million XRP. The court filing indicates that Tetragon and Ripple allegedly made an agreement, and the SEC case deeming XRP as an unregistered security should allow them to get funds back. UK Investment Firm Aims to Block Ripple From Leveraging Liquid Assets, Jed McCaleb Dumps 28.6 Million XRPĬourt documents show that the company, Tetragon Financial Group, has filed a lawsuit against Ripple after the firm was charged by the U.S.
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