Ripple Labs is accused of “puns” in court for trying to escape the case of the fintech giant Tetragon Financial Group.
What has Ripple been charged with?
Law360 reported that Tetragon Financial Group, a major Ripple investor, has accused Ripple Labs of trying to deny the company’s lawsuit against the blockchain giant by making “word games”.
Tetragon accuses Ripple of misinterpreting shareholder deal
Tetragon’s attorney Holwell Shuster & Goldberg LLP’s Michael S. Shuster told Deputy Prime Minister Morgan T. Zurn of the Delaware Court that Ripple Labs representatives were “puns” in court and inappropriately diverting the statements of the shareholder agreement.
Tetragon had invested close to $ 180 million in Ripple Labs at the end of 2019.
Will the judge accept the Tetragon’s legal demands?
Tetragon filed a legal action against Ripple, demanding the court to stop crypto sales or fiat payments until Ripple Labs received the cash it paid for.
The lawsuit was initiated after the US Security and Exchange commission sued Ripple for allegedly selling XRP tokens for unregistered securities.
In January, the court refused to comply with Tetragon’s request. But instead of banning XRP trading entirely, the company decided that Ripple should maintain its “net zero” position when buying and selling local tokens.