The filings were not immediately available at press time. 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.
In a legal filing shared with CoinDesk the fintech said Tetragon can only opt to flip its Ripple equity back to cash “if XRP is deemed to be a security on a go forward basis.” In the meantime, Tetragon wants the court to essentially freeze Ripple’s liquid assets until it pays.
Tetragon seeks to “enforce its contractual right to require Ripple to redeem” Series C preferred stock, Bloomberg reported. However, as the SEC lawsuit progresses, there are chances that the investor’s battle may resurface.įollow BitcoinWorld for the latest updates.Related: Market Wrap: Bitcoin Breaks $34K as Ether Futures Interest Jumps $350M in a Day Meanwhile, Ripple has won the legal battle against its investor the SEC v/s Ripple battle is faraway from over. Second, Garlinghouse sale of his personal XRP holdings doesn’t amount to supporting and promoting Ripple’s XRP sales. First, XRP doesn’t display any of an investment contract’s ancestral characteristics, his legal counsel claimed. Last Wednesday, Ripple’s CEO Brad Garlinghouse proffered two arguments to the court for the SEC to drop its complaint upon his company. Rippe issued a statement in which the company declared the Tetragon lawsuit was an “opportunistic movement to benefit the SEC allegations.” The statement continued that the newest ruling should terminate the confusion that the SEC has not decided that XRP is a security. Ripple will, therefore, not have to redeem the $175 million stock investment. However, the Delaware court has rejected the Tetragon’s request under the notion that XRP’s status is unclear.
Tetragon to benefit from the Ripple v/s SEC Lawsuit The court ruled out against Tetragon The claims of Tetragon have now been ruled out by the Court of Chancer in Delaware, with the court ruling that the British fund manager’s claim. Tetragon contested that the SEC’s enforcement action upon Ripple over XRP sales established an official securities violation, and hence Ripple should repay the funds. The rumors surrounding the blocking of Tetragon from withdrawing their stocks by Ripple are believed to be fuelled by Ripple’s ongoing trials with the U.S SEC. The lawsuit occurs as Ripple has been actively defending the Securities and Exchange Commission’s lawsuit over XRP being unregulated security. However, one of the investment partners Tetragon became the main catalyst of the Series C share buyback, and Ripple’s overall success in court. Moreover, in enhancement to demanding an equity redemption, Tetragon also demanded that Ripple’s assets and liquidity be frozen until the payment is received. Ripple has been clashing with its investment partners and the SEC for the past couple of years due to allegedly selling XRP tokens as securities and financial obligations. Tetragon demanded reimbursement from Ripple for the $200M Series C investment round it led for the blockchain startup, via which it funded $175 million in the blockchain startup. However, the court rejected the case, for the SEC has not still officially announced XRP’s legal status. The Delaware Chancery Court court dismissed Tetragon’s proposal to redeem Ripple’s stock due to its continuing battle with the U.S. Tetragon filed Ripple at Delaware Court Of chancery around january 2021, attempting to put it into action signed agreement of a buy option equal towards the. To enforce its right as quickly as possible, Tetragon filed a preliminary injunction on Jan. 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. The Delaware court has rejected Tetragon’s request to reclaim its equity in blockchain payments firm Ripple Labs. Ripple Labs scored a victory yesterday in its legal battle with Tetragon Financial Group Ltd.