#TETRAGON SUES RIPPLE SERIES#

#TETRAGON SUES RIPPLE SERIES#

The firm was the largest contributor to a Series C funding round and holds $175 million of Series C shares which make up for less than 2% of Ripple’s equity. Subsequently, Tetragon Financial Group LTD, a UK-based asset management firm, also sued Ripple and demanded to buy back its shares. The order will remain in effect until “Tetragon can sell back its shares.”Īs XRP community member “WrathofKahneman” reported first via Twitter, the vice chancellor said she viewed Tetragon’s requests for a complete ban on XRP purchases as potentially “heavy-handed.” Instead, the court ordered Ripple to maintain a “net zero” position in sales and purchases of XRP, rather than halting acquisitions outright.” The argument seems to be that Ripple is in a place to repay any stock value losses, so hold on until the SEC ruling.Īs reported by CNF, Ripple Labs was sued by the SEC for selling XRP as a security without registering it. Specifically, the court prohibits Ripple from trading XRP to the extent that it must have a zero balance. The court’s order restricts the company from conducting XRP transactions and redeeming shares. According to a report by QLaw360, the Delaware Court of Chancery has issued a preliminary restraining order against Ripple Labs.

Tetragon sues ripple