#RIPPLE SERIES TETRAGON 10B SERIES#
Tetragon was among the leading investors in Ripple’s Series C round back in 2019. In doing so, it violated the United States Securities Act of 1933.Īt the time, Tetragon asked the Delaware Chancery Court to force Ripple Labs to call a halt to any transactions until it bought back $175 million worth of the shares it issued. The Securities and Exchange Commission (SEC) professed that, since 2013, Ripple had raised over $1 billion with the sale of XRP. The original allegations centered around a shareholder’s agreement between Tetragon and Ripple Labs, first entered in 2019. A lawsuit that Ripple Labs representatives called “opportunistic.” The case goes back to January, where Tetragon, an investment management group based in the UK, sued Ripple to force it to buy back $175 million in shares. Litigation is a high-stakes game and Tetragon not only has to fulfill contractual obligations but pay two sets of lawyers.” Details of the case “I assume that the Ripple/Tetragon contract had a clause in it that the ‘prevailing party’ would receive attorney fees and costs from the other side. He also added that Tetragon was on the hook and must pay them within five days of the judgment.
Hogan, a partner at Hogan & Hogan Law in Orlando, FL, revealed in his Tweet that the case racked up $3.4 million in legal fees.
The document revealed that the court had ruled in Ripple Labs’ favor, against the plaintiff, Tetragon Financial Group.
In the original tweet, Filan attached a copy of the Order and Final Judgment from the Delaware Chancery Court. Ripple Labs has emerged victorious from its lawsuit with Tetragon Financial Group.Īttorney Jeremy Hogan retweeted defense lawyer James K.
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