Tetragon Financial Group Ltd., filed a complaint against Ripple this week, demanding a reverse redeem of shares.
After the SEC filed a lawsuit against Ripple Labs Inc. last month. We are witnessing another lawsuit for an unregistered offer of securities. This time it is the British investment company Tetragon Financial Group Ltd, which, according to Bloomberg, should have a total assets of $ 2.32 billion.
The investment firm has stated that it seeks to “enforce its contractual right to require Ripple to redeem” preferred stock (Series C) that it owns and also wants Ripple to be blocked from using any cash or other liquid assets until the process is completed.
Tetragon should have asked the court for an expedited procedure in this case.
Ripple immediately objected to the allegation, arguing that Tetragon’s lawsuit has “no merit”, as there is no decision yet that XRP is an unregistered security as stated by the SEC.
The SEC lawsuit against Ripple also has serious consequences for trading in the XRP token when the largest crypto exchanges have announced the suspension of XRP trading.
Read also: Binance US, Coinbase and EToro US will soon suspend trading in XRP
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