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

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

News

Tue, 2/03/2021 - 11:16

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

Cover image via stock.adobe.com

Read U.TODAY on

Google News

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.

Tue, 03/02/2021 - 08:49

Ripple Sends 627,974,493 XRP to Jed McCaleb After Chris Larsen Gets 41 Million from Binance

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.

#Ripple News #Moneygram News #XRP News

About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He 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.