The Japanese giant has also since revealed plans for a cryptocurrency joint venture, partnering with crypto firms around the world. In fact, SBI Holdings came out in support of its co-collaborator during the lawsuit with Tetragon. Ripple Labs have had no such disputes with any other investors from that time. The funding round raised a total of $200 million, bringing Ripple’s value at the time to an estimated $10 billion. SBI Holdings, a Japanese financial company that was already in a joint venture with Ripple at the time (namely SBI Ripple Asia), also participated.
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.
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