Ripple and Moneygram (NASDAQ:MGI)are going their separate ways according to SEC filling. The SEC lawsuit has apparently weighed too heavily on the strategic partnership.
Is Ripple a digital security? In the eyes of the US Securities and Exchange Commission, there is no question about that. Therefore, the authority has indicted the Californian FinTech Ripple Labs as well as CEO Brad Garlinghouse and co-founder Chris Larsen for violating the US securities law.
The matter is now in the New York South District Court (SDNY). It is becoming increasingly unlikely that an out-of-court settlement can still be reached. What is already certain: The partnership between Ripple and the international money transfer service provider MoneyGram is history.
Less than a month after a New York judge ruled that lenders accidentally repaid by Citigroup could keep their money, Citi is trying to stop the firms from using it.
On Tuesday, the investment firm filed a request asking the judge to require the lenders to freeze the transferred funds until Citi files an appeal to a higher court.
According to Citi’s filing, “the money represents a lottery-like windfall of hundreds of millions of dollars [for the lenders]. They were not expecting to receive this money for several years, if at all.”
The filing refers Citi’s “mistaken” repayment of a $900 million loan for cosmetics maker Revlon. The bank had acted as an intermediary between Revlon and the lenders. Although Revlon hadn’t transferred the $900 million to Citi, the bank which said it was intending only to pay the interest due to the lenders repaid the loan in full, court records show.
A New York judge has ruled that the Revlon lenders Citigroup mistakenly repaid can keep the money.
The court decision, written by New York Southern District Court Judge Jesse Furman, shows that he ruled in favor of the 10 investment advisory firms Citi sued in August. The 10 defendants collectively received more than $500 million of the mistaken wire transfers in August, according to the judge, while other lenders returned the money and avoided the lawsuit.
“We strongly disagree with this decision and intend to appeal,” a Citi spokesperson said via email Tuesday. “We believe we are entitled to the funds and will continue to pursue a complete recovery of them.”
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The lawsuit vs. the telecom company
To be more specific, based on the documents filed at the New York Southern District Court, the case against AT&T Inc is about the Network Apps and other plaintiffs’ claims of patent infringement and breach of contract.
Reuters reported that the plaintiffs sued AT&T for at least $1.35 billion and claiming that the telecom giant ripped them off by stealing Network Apps’ patented “twinning” technology. This is something that allows various types of devices to respond to calls placed on a single phone number. In simpler terms, this technology can re-route calls to multiple devices.