6,000 XRP Investors Join Forces in SEC Lawsuit As Third-Party Defendants

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Last Updated on 23 March 2021 by CryptoTips.eu

Jeroen Kok

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By the end of 2007, Benelux bank Fortis was the 20th largest financial services business in the world by revenue. At that time, it formed a consortium of European banking greats together with consortium with Royal Bank of Scotland Group (RBS) and the Spanish Banco Santander.

When Fortis tried to take over its Dutch rival ABN Amro just before the Lehman Brothers bubble burst and stock markets dropped, a lot of Fortis investors were left holding the (with thanks to Jeremy Irons for the quote) biggest bag of odorous excrement ever assembled in the history of capitalism.

In other words, many Belgian, French and Dutch investors that had followed their banks’ advice and invested into Fortis shares, were left with worthless stocks.

As a result, many grouped together and tried to sue the Fortis board, to no avail as neither the government of Belgium or The Netherlands were ready to pay back on their behalf after they nationalized some remaining parts of the bank. In the end, they didn’t win anything but at least they felt they stood up for themselves.

Over in the crypto marktet, looks like some XRP investors are doing the same now.

Advertentie.

Participate in SEC Complaint

Many thousands of XRP holders, who bought in at the top back in the 2017-2018 ICO bull run when Ripple was making headlines, have been holding onto their cryptocoins, hoping to see some of it back.

Now, as the SEC is going up against Ripple Labs in a major lawsuit that could have serious implications for the cryptosphere, these investors claim that their interests aren’t being represented.

Via an outspoken lawyer known as John Deaton, they aim to enter the SEC lawsuit as third-party defendants.

John Deaton now represents some 6,000 holders of the XRP token. Via a constant barrage of tweets, he keeps them informed of how he aims to serve their needs.

Their main concern is that they SEC should always intervene on behalf of the investors, and therefore they want to know:

Who was the SEC really protecting by filing the case against Ripple, Brad Garlinghouse and Chris Larsens?

The executive of Ripple labs, who still aim to get the SEC lawsuit either thrown out or settled, have not year reacted to this news. Deaton keeps his army of investors on the tips of their toes with constant updates from inside the courts.

hello.artmagination.com / Depositphotos.com