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Tetragon to Pay Ripple $3.4 Million in Legal Fees After Failed Lawsuit

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Tue, 04/13/2021 - 06:15
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Alex Dovbnya
After losing its lawsuit against Ripple, Tetragon will have to shell out $3.4 million in legal fees
Tetragon to Pay Ripple $3.4 Million in Legal Fees After Failed Lawsuit
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A Delaware court has ruled that distributed ledger technology provider Ripple will be paid $3.463 million in legal fees by U.K. investment company Tetragon Financial Group after its legal defeat. Tetragon—which led Ripple’s mammoth Series C funding round in 2019—soured on the company after it got sued by the U.S. Securities and Exchange Commission in December.

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Ripple's Brad Garlinghouse and Chris Larsen File Motions to Dismiss SEC Lawsuit

The asset manager slapped Ripple with a lawsuit to redeem its $175 million equity and temporarily freeze the company’s assets, a move that was branded as “opportunistic” by the defendant.   

The judge went on to rule against Tetragon because the question of whether or not XRP can be classified as a security is yet to be resolved by the court.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.