General Counsel Position at Ripple Finally Filled by Stuart Alderoty from CIT Group
After months of leaving the position open, Ripple has finally found someone to work as their general counsel – Stuart Alderoty.
Alderoty previously worked at top-50 bank CIT Group, where he worked in various positions, including executive vice president, general counsel, and corporate secretary since 2016. Now, with Ripple, he will be overseeing the legal work and managing the teams for legal, policy, and Bank Secrecy Act (BSA). He will report directly to CEO Brad Garlinghouse.
With experience as a lawyer and in executive positions with HSBC and American Express, Alderoty is following the work of Brynly Llyr at Ripple, who left to start the Celo crypto payments startup. The timing of this new hire comes at the same time as Ripple is fighting against a class action lawsuit imposed upon them by investors that lost money on Ripple’s crypto token XRP. The petitioners are accusing Ripple of selling XRP as “unregistered security.”
The lawsuit, in its entirety, is a combination of multiple lawsuits that plaintiffs Avner Greenwald, David Oconer, and Vladi Zakinov filed. The defendants named in the cases include Ripple Labs, XRP II (the subsidiary of Ripple Labs), Garlinghouse, and several other directors and executives at the platform. The defendants motioned for this case to go to federal court, which it has been now.
Ripple started the Securing America’s Internet of Value Coalition (SAIV), a lobbying group, in the fall last year, hoping to have some kind of impact on the regulation of the crypto industry in Washington, DC.
Around the same time, they managed to settle a legal dispute with R3 that had spanned across two whole years, dealing with a partnership agreement that claimed that R3 had the right to purchase up to 5 billion XRP tokens at a rate of $0.0085 each through the end of 2019.
The price of XRP has drastically increased since the original agreement was signed, which became a major problem that led to the dispute. At this point, the settlement terms have not been released.