u.today
The legal team of the top-tier law firm Rosen Law Firm have filed lawsuit against the MoneyGram remittance giant over its misleading statements about the partnership with Ripple and the company’s utilization of using ODL and XRP.
The press release says that the company has pressed charges against MoneyGram on behalf of its shareholders, who may receive a compensation if they bought any shared during the period while the class action is underway.
The reason for the filing the lawsuit was the misleading statements MoneyGram made about using Ripple’s On-Demand Liquidity (ODL) product and Ripple’s XRP token for making remittances globally.
The lawyers have also stated that MoneyGram had not disclosed to its investors that XRP is an unregistered security (according to the SEC claims) since otherwise it would have lost a lion share of its funding received from Ripple.