Ripple Investor Sues To Cash Out In Light Of SEC Action

Law360 (January 5, 2021, 6:54 PM EST) -- A U.K. investment firm is looking to force a stock redemption by Ripple Labs Inc. in light of the U.S. Securities and Exchange Commission's late December legal challenge to the fintech startup's signature cryptocurrency.

The London-based Tetragon Financial Group Ltd. filed a complaint under seal on Monday night in Delaware Chancery Court against Ripple, one of the biggest players in the cryptocurrency space that has seen the value of its digital token, XRP, plummet in the weeks since the SEC alleged in federal court that the ongoing sale of $1.39 billion worth of XRP constituted an unregistered securities offering.

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