Loading cryptocurrency prices...

Ripple Hires General Counsel from Lending Giant CIT Group

- Advertisement -

Ripple has hired a new general counsel, filling a position that had been vacant for several months.

Announced Wednesday, Stuart Alderoty will oversee all legal work at Ripple and manage its global legal, policy and Bank Secrecy Act (BSA) compliance teams, reporting to CEO Brad Garlinghouse.

Alderoty joined Ripple from CIT Group, a top-50 U.S. bank and commercial lender, where he held the jobs of executive vice president, general counsel/chief legal officer and corporate secretary since 2016, overseeing legal, corporate governance and insurance risk management matters, according to Bloomberg. Prior to CIT, he served in executive positions at HSBC and American Express, after 17 years working as a lawyer.

He succeeds former general counsel Brynly Llyr, who left Ripple in September to join the crypto payments startup Celo.

- Advertisement -

A busy legal team

Alderoty’s hiring comes at a time when Ripple is in the midst of fighting a consolidated class action brought by investors who claim they lost money on XRP, the cryptocurrency associated with Ripple, and accuse the startup of selling the coin as an unregistered security.

The lawsuit combines several class-action lawsuits filed by plaintiffs Avner Greenwald, David Oconer and Vladi Zakinov, naming as defendants Ripple Labs and its subsidiary XRP II, Garlinghouse, and several other executives and directors. In November, the lawsuit was moved to a federal court by defendants’ motion.

Last fall, Ripple started a lobbying group in Washington, D.C., dubbed the Securing America’s Internet of Value Coalition (SAIV) and aiming to influence the regulation of the crypto space.

Also in September, Ripple settled a two-year-old old legal dispute with R3 over part of the partnership agreement signed in 2016 which granted R3 the right to buy up to 5 billion XRP tokens for $0.0085 each through the end of 2019. During 2017 and the following year, the price of the token soared (now XRP is trading at $0.31) and this part of the agreement became a point of contention. The terms of the settlement weren’t disclosed.

Ripple’s CEO Brad Garlinghouse image via CoinDesk

Previous Articles:

- Advertisement -

Latest News

Rapper Razzlekhan Thanks Trump for Early Prison Release

Heather Morgan (aka Razzlekhan) was released early from prison after serving over eight months...

Crypto Soars 3-5% on U.S.-China Trade Deal Hopes, BTC $115.5K

Cryptocurrencies rose 3-5% amid hopes for a U.S.-China trade deal, with Bitcoin reaching $115,500.The...

Has Shiba Inu Awakened from Its 1-Cent Ambition? Was It Achievable?

Shiba Inu (SHIB) aims to reach a price of $0.01 per token, a goal...

UK Targets Crypto Fraud with Advanced Blockchain Intelligence in 2025

The UK's National Crime Agency has prioritized building a resilient cryptoasset ecosystem by 2025...

Tesla Chair Warns Musk May Leave if $1T Pay Package Is Rejected

Tesla's board chair warned that the company could lose CEO Elon Musk without approval...
- Advertisement -

Must Read

How to Buy Dedicated Hosting With Crypto

In this article I am going to show you how to buy dedicated hosting with crypto from one of the best European hosting providers...