![]() de Twitter que pese a la demanda interpuesta por la compaa Tetragon. Because Tetragon’s redemption right had not matured, the Court granted summary judgment in Ripple’s favor. Riple Is Ripple crypto currency line style icon vector illustration design. The Court recognized that the SEC may make a final determination through an administrative proceeding or rulemaking, among other things. Finally, the Court explained that its ruling did not undermine the terms of the parties’ agreement, which allowed for the SEC to make a final determination. Again, for there to be an ultimate “determination,” that process would have to result in an enforcement action, in which the District Court would have to rule for the SEC. A Wells Notice is just the request of an SEC staff attorney to allow potential defendants to argue their position. ![]() After the court has passed a decree on March 05 that Tetragon is not eligible for stock redemption from Ripple, with rejection of appeal from Court of Chancery of the State of Delaware. Ripple Labs has received another success in its legal case with Tetragon Financial Group Limited. Create real-time notifications to follow any changes in the live. Ripple Wins Case Filed by Tetragon Financial. Additionally, the SEC’s issuance of a Wells Notice prior to filing the enforcement proceeding was even further removed from being a final determination. View todays Tetragon Financial Group Ltd stock price and latest TFG news and analysis. The SEC’s decision to file a complaint in the District Court merely reflected the SEC’s view that XRP is a security but a final determination could only come from the District Court. Reviewing dictionary definitions, it held that the SEC’s actions were not “determinations” because they lacked finality. Tetragon had a right under a Stockholders’ Agreement to require Ripple to redeem its shares if the SEC or another government agency “determine on an official basis” that XRP is a security “on a current and going forward basis.” Here, Tetragon sought a declaration that the SEC’s decisions to file an enforcement action in federal District Court, and issue a Wells Notice, each triggered the redemption right.įollowing expedited proceedings, the Court of Chancery disagreed. Plaintiff Tetragon Financial Group Limited is a shareholder of Ripple Labs, Inc., a blockchain company that uses a cryptocurrency called XRP. ![]()
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