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

Tue, 13/04/2021 - 6:15
After losing its lawsuit against Ripple, Tetragon will have to shell out $3.4 million in legal fees
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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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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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