Ripple is facing yet another lawsuit, this time from one of its investors.
Tetragon Financial Group, the lead investor of Ripple’s $200 million Series C, has sued the company after a recent complaint by the U.S. Securities and Exchange Commission (SEC), according to a report by Bloomberg.
Bloomberg reported the news on Tuesday, saying Tetragon filed its complaint on Monday seeking to “enforce its contractual right to require Ripple to redeem” Series C preferred stock. The company filed its complaint in Delaware Chancery Court.
Tetragon also wants to block Ripple from using any cash or other liquid assets until the payment is made. The company has asked the court for a temporary restraining order, a preliminary injunction, and an expedited trial.
This is a developing story and will be updated…
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