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Ripple Responds To Latest Lawsuit From Tetragon
Summary: Ripple has released a statement responding to Tetragon's lawsuit filed in Delaware court against the firm earlier today. Tetragon is a major investor in Ripple's $200 million Series C funding. Tetragon is suing for stock redemption, which the company claims it has a "contractual right" to do. The suit also prohibits Ripple from using cash ...
Ripple has released a statement responding to Tetragon's lawsuit filed in Delaware court against the firm earlier today.
Tetragon is a major investor in Ripple's $200 million Series C funding. Tetragon is suing for stock redemption, which the company claims it has a "contractual right" to do. The suit also prohibits Ripple from using cash or any other assets before it made payment.
Ripple's statement wrote that in Series C investment agreements there is a provision which states that if Ripple is deemed a security then Tetragon has the option of having Ripple redeem their Ripple equity. It went on to say that XRP has not been deemed a security, so the new suit has no merit.
"We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S. The courts will provide this clarity and we are very confident in our position," the statement read.
By Emily Mason
Tags: Ripple,SEC,Tetragon,XRP
Link: Ripple Responds To Latest Lawsuit From Tetragon [Copy]
