Ripple has recently appointed banking veteran Stuart Alderoty as its new general counsel, according to the firm’s press release published Wednesday.
As the firm’s new general counsel reporting directly to CEO Brad Garlinghouse, Alderoty will be supervising Ripple’s legal work as well as lead the company’s global legal, policy and Bank Secrecy Act (BSA) compliance teams.
Prior to joining Ripple, Alderoty has worked at CIT Group, a leading provider of commercial lending and leasing services, serving a number of key roles including the bank’s executive vice president, chief legal officer and corporate secretary, overseeing multiple areas such as insurance risk management, as well as legal, and corporate governance. Before working at CIT in 2016, he also held several executive positions at American Express and HSBC, after practicing law for 17 years.
His predecessor, Brynly Llyr, previously departed her post back in September after nearly two years of service at Ripple to join US-based Blockchain and digital payments company Celo.
Alderoty’s appointment follows on the heels of an ongoing consolidated class action suit filed by several investors who purportedly lost their investment on Ripple’s proprietary crypto XRP, alleging that the firm sold the digital asset as unregistered security.
The lawsuit conjoins a number of class action suits filed by David Oconer, Avner Greenwald, and Vladi Zakinov, against Ripple Labs, its division XRP II, Garlinghouse, and a number of the company’s other executives. The lawsuit has since been forwarded to a federal court in November at the request of the defendants.
In September, Ripple has settled a legal dispute involving a previously inked partnership between R3 in 2016. As stipulated in the agreement, R3 was granted the right to purchase as much as 5 billion XRPs at $0.0085 for the next three years. However, since 2017, the token’s price has significantly inflated and is now trading at roughly $0.33. The outstanding litigation between two parties has eventually reached a settlement, although the terms of the agreement remain confidential.