If triggered, the provision gives Tetragon the right to demand redemption of its Ripple shares for a payment that today would have equaled approximately $175 million. The Securities Default provision is triggered if the SEC or another governmental authority or agency of similar stature and standing “determine on an official basis” that the cryptocurrency XRP is a security on a current and going forward basis. Tetragon claimed that the SEC’s lawsuit and an earlier Wells notice that SEC Staff sent to Ripple constituted “Securities Defaults” under Tetragon’s Agreement with Ripple. Tetragon filed the case on January 4, 2021, less than two weeks after the SEC filed a lawsuit against Ripple in the Southern District of New York claiming that Ripple’s sales of the digital asset XRP constituted unregistered sales of securities. (“Ripple”) in Delaware Chancery Court against Ripple shareholder Tetragon Financial Group Limited (“Tetragon”).
On Friday, March 5, 2021, Quinn Emanuel secured victory in a $175 million dispute for client Ripple Labs Inc. Two recent nine-figure victories for Ripple and for BProtocol Foundation and its founders highlight our capabilities, as well as emerging law governing crypto tokens and companies that handle them.
Ripple Labs Inc., 2021-0007, Delaware Chancery Court.Quinn Emanuel handles some of the largest and most significant civil disputes and government investigations in blockchain and cryptocurrency. The case filed Monday is Tetragon Financial Group Ltd. Bitcoin, according to JPMorgan Chase & Co., has the potential to reach $146,000 in the long term as it competes with gold as an asset class. Bitcoin, the best-known cryptocurrency, is trading at all-time highs, rising above $32,000 Tuesday morning in New York. That lawsuit, in San Francisco federal court, came about two weeks after Coinbase filed what’s expected to be the U.S.’s first crypto-related initial public offering, a watershed moment for the industry in gaining mainstream recognition. Coinbase is the target of a proposed class-action lawsuit seeking to recover commissions paid on XRP trades, alleging the company knew the tokens qualified as securities. Representatives of Ripple and of Tetragon didn’t immediately respond to requests for comment.Ĭoinbase Inc., the biggest cryptocurrency exchange in the U.S., said last week it would stop selling XRP to the public after the SEC sued Ripple, alleging it misled investors by selling more than $1 billion of the virtual tokens without registering with the agency. Its briefs in support of the requests also are sealed. Tetragon also asked the court for a temporary restraining order, a preliminary injunction and an expedited trial.
Ripple wins lawsuit against tetragon series#
In concurrent filings that are public, the investment company said it seeks to “enforce its contractual right to require Ripple to redeem” Series C preferred stock held by Tetragon and to block Ripple from using any cash or other liquid assets until the payment is made.
Tetragon Financial Group Ltd., with total assets of $2.32 billion, filed the complaint under seal Monday night in Delaware Chancery Court. Securities and Exchange Commission claimed the virtual tokens were sold improperly. (Bloomberg) - Ripple Labs Inc., whose XRP token is the world’s third-largest cryptocurrency, was sued by a U.K.
0 kommentar(er)
