- Tetragon Financial Group Ltd., which filed a complaint with Ripple earlier this year, must pay legal fees of $ 3.4M.
Following the SEC’s lawsuit against Ripple Labs Inc., the British investment company Tetragon also sought to participate in the case, requesting that Ripple repurchase the preferred stock (Series C) that it owns. In addition, it also urged that Ripple would be blocked from using any cash or other liquid assets until the process was completed.
However, it did not take much time since the lawsuit was filed, and a Delaware court ruled that Tetragon had lost the case. One of the main reasons is the current situation and the fact that it is still not clear whether XRP can be classified as a security or not.
Tetragon Financial Group Ltd. thus suffered a severe defeat in the final, as the court ordered it, among other things, to pay Ripple legal fees of $ 3.4 Million.