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Ripple Investor Loses Bid to Force Stock Redemption on SEC Claim

San Diego Supercomputer Center Helps Advance Computational Chemistry
Photographer: Bing Guan/Bloomberg

Ripple Labs Inc. fended off an effort by a U.K. investment firm to redeem its equity in the blockchain company in the wake of a U.S. Securities and Exchange Commission lawsuit alleging that Ripple’s XRP token is an unregistered security.

A Delaware Chancery Court judge on Friday rejected a request by Tetragon Financial Group Ltd. for an order requiring Ripple to redeem Series C preferred stock held by Tetragon and to block Ripple from using any cash or other liquid assets until the payment is made.