Lawsuit Filed Against Moneygram For False Information About Partnership With Ripple

A class-action lawsuit was filed against MoneyGram on behalf of investors who purchased MoneyGram securities between June 17, 2019, and February 22, 2021.

Investors claim that MoneyGram has made ambiguous statements regarding its partnership with Ripple Labs. In 2019, it became known that Ripple signed an agreement with MoneyGram, according to which Ripple will buy shares of the service worth $30 million and then invest another $20 million in MoneyGram over two years. In addition, in 2019, MoneyGram management announced that it is testing the Ripple On-Demand Liquidity (ODL) solution for money transfers between the United States and Mexico.

Investors accuse MoneyGram that the payment service deliberately failed to disclose information that XRP was considered by the regulator as unregistered securities. If the SEC applies securities laws to Ripple, it could negatively affect MoneyGram’s operations. The investors ‘ lawsuit states that MoneyGram’s public statements turned out to be false and misleading, and when reliable information became known, many investors suffered losses.

Related posts:

Traditional hand-made embroidered blouse from Aguacatenango, Chiapas. An extremely versatile blouse that can be styled in many different ways. It can be dressed up or worn casually. The choice is…

Good morning developers! Now that we’ve got some raycasting under our belts how about we turn those prefabbed red balls into something we’d actually use in our careers? We’re going to go the way of…

We all love social media. It helps us stay up-to-date and connected even if you’re a traveling healthcare pro and happen to spend every 12 weeks in a new place. As you move from one assignment to…