Chancery Grants Ripple Win In Tetragon Cash-Out Suit

Law360 (March 19, 2021, 10:57 PM EDT) -- The Delaware Chancery Court on Friday shut down a Tetragon Financial Group Ltd. suit seeking to bar Ripple Labs from using its assets for anything but redeeming Tetragon's stock, rejecting claims that a federal regulator's cryptocurrency-related suit had triggered Tetragon's right to cash out. 

Vice Chancellor Morgan T. Zurn, in a 22-page summary judgment in Ripple's favor, found that neither a U.S. Securities and Exchange Commission notice of a planned enforcement action or a later federal suit accusing Ripple of violating securities laws through sale of its XRP cryptocurrency triggered a "default" under Tetragon's investment contract.

The SEC sued Ripple, an...

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