A lawyer from Tetragon Financial Group has accused Ripple Labs of “word games” after their court hearing for a dispute which involves over $175 million stock buyback.
The UK-based investment management company name Tetragon Financial Group recently accused Ripple Labs of playing “word games” as the investment management company sues the blockchain that owns the XRP, currently the 6th largest cryptocurrency in the market in terms of market cap.
The lawsuit is valued at $175 million, and Tetragon lawyers are pleading to the Delaware Chancery Court to sentence Ripple to a forced suspension of all their transactions while the company buys back Tetragon Financial Group’s shares valued at $175 million.
Photo Credits: Pixabay | Ripple XRP crypto coin physical visualization
The allegations are based around a shareholders’ agreement entered by Tetragon Financial Group and Ripple Labs in 2019. The said agreement states that the terms that trigger Ripple Lab’s obligations to buy back the Tetragon’s stock in the company.
According to one of the lawyers on Tetragon’s team Michael Shuster, Ripple Labs looks at the agreement’s language and sees things not written on the agreement. Moreover, Shuster went on to accuse Ripple Labs of intentionally misconstruing the agreement to avoid its obligations stipulated in the contract.
This current dispute is a follow-up of a filling on January 2021, when Tetragon Financial Group attempted to stop Ripple Labs from buying any more of their token XRP until they buy back the company’s stock as stipulated on their agreement. Ripple Labs is also facing a lawsuit from the U.S. Securities and Exchange Commission after XRP was declared a security.
Regardless, XRP’s price has significantly appreciated even amidst the numerous lawsuits Ripple Lab is currently facing. XRP is currently trading on a respectable $0.54 and is gearing up for a 35% upswing if it breaches the key resistance level of $0.56 in the next 4-hour chart. This positive development will bring the price of XRP to $0.72 and could mean the crypto’s full recovery.