Top Law Firm Sues MoneyGram Over XRP, Promises Compensation to Its Shareholders

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Tue, 03/02/2021 - 11:16
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Yuri Molchan
MoneyGram has been taken to court by a major law firm as its shareholders want compensation over the misleading statements about its partnership with Ripple and XRP
Top Law Firm Sues MoneyGram Over XRP, Promises Compensation to Its Shareholders
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The legal team at top-tier Rosen Law Firm has filed a lawsuit against the MoneyGram remittance giant over its misleading statements about the partnership with Ripple and the company's utilization of ODL and XRP.

MoneyGram is sued over misleading its investors regarding Ripple and XRP

The press release says that the company has pressed charges against MoneyGram on behalf of its shareholders, who may receive compensation if they bought any shares during the period in which the class action is underway.

The reason for filing the lawsuit was misleading statements MoneyGram made about using Ripple's On-Demand Liquidity (ODL) product and XRP token for making remittances globally.

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The lawyers have also stated that MoneyGram had not disclosed to its investors that XRP is an unregistered security (according to SEC claims) since, otherwise, it would have lost the lion's share of its funding from Ripple.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.

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