by Jake Simmons – March 5, 2021 (Crypto News Flash).
Ripple Labs scored a victory yesterday in its legal battle with Tetragon Financial Group Ltd. The asset management firm was the largest contributor to a Series C funding round with $175 million and sued Ripple to force stock redemption after the SEC lawsuit was filed. To enforce its right as quickly as possible, Tetragon filed a preliminary injunction on Jan. 7.
As Stuart Alderoty, General Counsel at Ripple Labs, now revealed a few hours ago, the Delaware court has ruled that Tetragon’s claim of a “securities default” is false, as there is no official ruling on the status of XRP. Judge Morgan T. Zurn has thus denied Tetragon’s request for a preliminary injunction, and lifted the previously imposed injunction.