A class action lawsuit filed against MoneyGram for inaccurate information about partnership with Ripple – Bits Media

by
Против MoneyGram подан коллективный иск за недостоверную информацию о партнерстве с Ripple - Bits Media

Investors filed a collective lawsuit against the MoneyGram International money transfer service, accusing him of false statements about XRP cryptocurrency and partnership with Ripple Labs.

A collective lawsuit on behalf of investors was filed against Moneygram, who purchased securities Moneygram in the period from 17 june 2019 years to 22 february 2021 of the year. Investors say, that Moneygram made ambiguous statements regarding her partnership with Ripple Labs. IN 2019 The year became known, that Ripple signed an agreement with Moneygram, according to which Ripple will buy service shares in the amount $30 million, and then for two years he has invested in Moneygram yet $20 million. Besides, in 2019 year, the leadership of Moneygram reported, What is testing the Ripple On-Demand Liquidity solution (Out) for money transfers between the United States and Mexico.

At the end of last year, the US Securities and Exchange Commission (SEC) accused Ripple of an unregistered ICO in the amount $1.3 billion, Counting XRP coins with securities. Against the background of the SEC claim against Ripple, many cryptocurrency exchanges began to delusting XRP, And the MoneyGram service said, that does not use the Ripple ODL platform for money transfers.

Investors accuse Moneygram, that the payment service did not knowingly disclosed information about that, as if XRP were considered by the regulator as unregistered securities. If SEC applies laws on securities in relation to Ripple, This can negatively affect the activities of MoneyGram. The claim of investors indicates, that the public statements of MoneyGram were false and misleading, And when reliable information became known, Many investors suffered losses.

Earlier, the leadership of MoneyGram suggested, that in the future cryptocurrencies will be used everywhere for international money transfers, However, the lack of liquidity is the main obstacle to achieving this goal.