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Ripple Partner MoneyGram Narrowly Escapes Lawsuit
Summary: MoneyGram, a money transfer company partnered with Ripple, has avoided a lawsuit concerning money laundering allegations, as reported by DeCrypt. In 2018, MoneyGram paid $125 million to avoid prosecution on charges that executives failed to prevent money laundering on their platform. A shareholder lawsuit alleging that the top executives involved in that failure acted in bad faith ...
MoneyGram, a money transfer company partnered with Ripple, has avoided a lawsuit concerning money laundering allegations, as reported by DeCrypt.
In 2018, MoneyGram paid $125 million to avoid prosecution on charges that executives failed to prevent money laundering on their platform. A shareholder lawsuit alleging that the top executives involved in that failure acted in bad faith has now been tossed out by the Delaware Court of Chancery.
MoneyGram is one of the largest money transfer companies in the world. In November 2019, Ripple completed its $50 million investment into MoneyGram by buying a 9.95% stake in the firm. Vice Chancellor Sam Glasscock threw out the shareholder lawsuit stating that MoneyGram executives had poorly looked after the platform, but wrote that "bad oversight is not bad-faith oversight."
By Emily Mason
Tags: Money Laundering,MoneyGram,Ripple,XRP
Link: Ripple Partner MoneyGram Narrowly Escapes Lawsuit [Copy]
