Investor Sues MoneyGram Over Lost Ripple Fees

Law360 (March 11, 2021, 11:01 PM EST) — Money transfer company MoneyGram International Inc. has been hit with a proposed class action in federal court in Los Angeles accusing the company of failing to explain that it could suddenly lose a revenue stream associated with its strategic partnership with blockchain technology company Ripple Labs Inc.

In the suit, which was filed Wednesday, MoneyGram investor Georgios Constantinou alleges MoneyGram and two of its executives were liable for the artificial inflation of trading prices for MoneyGram shares after the company announced its partnership with Ripple in June 2019.

Constantinou claims trading prices for MoneyGram fell sharply after Ripple was sued by…

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