Ripple achieved a legal victory over Tetragon, which sued him after the decision of the US Securities and Exchange Commission (SEC).
Tetragon Financial Group Ltd. filed a lawsuit against the company over a contract it signed with Ripple in 2019. A court in Delaware, which looked into the case between the two, declared that Tetragon’s claims are now invalid and found Ripple right.
Until the SEC case is concluded …
UK-based Tetragon had made a Series C investment in Ripple and purchased a stake in the company. Ripple had agreed to repurchase the shares it sold to Tetragon if XRP was legally recognized as a security.
Tetragon claimed that this requirement was fulfilled after the SEC’s XRP lawsuit against Ripple in December 2020 and announced that Ripple should fulfill this clause. Ripple stressed that the SEC case has not been concluded, arguing that the required requirement has not yet been met.
The court in Delaware justified Ripple in its verdict Friday, citing the still pending SEC case regarding XRP as a security. According to the BNN Bloomberg report, the Ripple administration is determined to deny the SEC’s claims.